1) In a competitive market, the market price is P = 10, the rental rate is r = $1, and the wage is w = $20. Firm's production function is Q = K^0.5L^0.5, where capital is fixed at = 4.

a . What is firm's revenue function?

b . What is firm's cost function?

c . What is firm's profit function and the profit-maximizing quantity?

2)Suppose a monopolist has C(Q) = 100 + 10Q + 2Q², and the demand curve it faces is P = 90 - 2Q.

2a . What is a marginal cost function?

2b . What is a marginal revenue function?

2c . What price should the monopolist charge to maximize its profit?