1. Short-Run Economic Costs Suppose a firm has a short-run cost equation of C(q) = q3 - 20q2 + 100q + 50000, and short-run marginal cost equation of MC(q) = 3q2 - 40q + 100, if the firm produces 50 units of output: a. Solve for total fixed cost, total variable cost and total cost. (3 points) b. Solve for the firm's average fixed cost, average variable cost and average total cost. (3 points) c. Use the MC(q) equation to solve for the marginal cost of the last unit produced. (2 points) d. Solve for whether the firm has short-run economies of scale or diseconomies of scale. (2 points) 2. Competitive Firm Suppose the competitive market price is $60, and a competitive firm's total costs = q2 - 6q + 990 and marginal cost = 2q - 6. a. Solve for the profit-maximizing (or loss minimizing) quantity (q*). (3 points) b. What is the market equilibrium price? (1 point) c. Should the competitive firm produce q*? Explain why using one of the four key questions and solutions. (2 points) d. Does the competitive firm make a profit? Explain why using one of the four key questions and solutions. (2 points) e. How much profit (or loss) does the competitive firm make? (2 point) 3. Uniform Pricing Monopolist Suppose a uniform pricing monopolist's price equation is P(Q) = 100 - Q; the uniform pricing monopolist's marginal revenue is MR(Q) = 100 - 2Q; the uniform pricing monopolist's total cost is C(Q) = 2Q2 + 10Q + 150; and the uniform pricing monopolist's marginal cost is MC(Q) = 4Q + 10. a. Solve for the profit-maximizing (or loss minimizing) quantity (Q*). (2 points) b. Solve for the profit-maximizing (or loss minimizing) price (P*). (2 points) c. Should the uniform pricing monopolist produce Q*? Explain why using one of the four key questions and solutions. (2 points) d. Does the uniform pricing monopolist make a profit? Explain why using one of the four key questions and solutions. (2 points) e. How much profit (or loss) does the uniform pricing monopolist make? (2 points)