1 Question 1 (32 points) Suppose in the short run a perfectly competitive firm has the total cost function TC(Q) = 25q2 + 600 where q is the quantity of output produced. a) (8 points) If the market price of the product is $75, how much should the firm produce in order to maximize profit? It is OK to produce fractional units. b) (8 points) How much profit will this firm make? c) (8 points) Given your answer to b), describe what will happen in the transition from the short run to the long run. d) (8 points) What is the break-even price for this market