1.... Determine the best level of output for a perfectly competitive firm that sells its product at P = $4 and faces TC = 0.04Q3 - 0.9Q2 + 10Q + 5.

Will the firm produce this level of output? Why?

2..... Suppose that the production function is given as follows: TPL = 10L + 5L2 + L3 Find the total product, Marginal product and average product when L = 5.

3.... Find the optimum level of output and profit from the cost functionTC = 50 + 6Q2and price P = 100 - 4Q Also derive marginal cost and marginal revenue.