3 Assume Q(d) = 600 - P; Q(S) = 4P

1. What is the equilibrium quantity and price Explain
2. What would happen if there were a max price of 90

4 A firm in a competitive market has TR = 500 and marginal revenue of $10. How many units were sold?

5 Use the following data to fill out the table; assume the market is competitive and the price is $40. How much do you want to produce? Why

Q	TC	VC	FC	MTC	MR	Total Profit
0	300	0
1	350	50
2	390	90
3	420	120
4	450	150
5	490	190
6	540	240