Assume a competitive firm faces a market price of $55, a cost curveof:

C= 0.003q3 + 30q + 750,

and marginal cost curveof:

MC= 0.009q2+ 30.

Thefirm's profit maximizing output level (to the nearest tenth) is ?

and the profit (to the nearest penny) at this output level is $

In thiscase, firms will enter/exit. This will cause the market supply to shift right/shift left

This will continue until the price is equal to the minimum average cost of $ ? (round your answer to the nearest penny).

At this price level the profit will be

zero/the level of fixed cost/the level of variable cost/cannot be determined.