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5. Consider a competitive firm in the short run. The total cost of production is given by TC = q/3-q + 3q+1. Let P

5. Consider a competitive firm in the short run. The total cost of production is given by TC = q/3-q + 3q+1. Let P denote the output price. (a) What is the output level that maximizes the profits of the firm if P = 6? (b) What is the maximum profit level for the firm when P = 6? (c) What is the producer surplus of the firm if P = 6? (d) What is the lowest price P at which the firm stays open in the short run?

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