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Assume that each competitive firm in a perfectly competitive industry has the shortrun cost function: ST C = 50 + 5q + q 2 ,

Assume that each competitive firm in a perfectly competitive industry has the shortrun cost function: ST C = 50 + 5q + q 2 , and, SMC = 5 + 2q and the market price is $35.

a) Rewrite the short-run marginal cost function to represent the supply function.

b) What is the profit-maximising output level for each firm? Explain why this point will be the profit maximising point for the firm.

c) What is the firm's total revenue? What are the profits?

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