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Below is price and cost data of a perfectly competitive firm: Price = $100 TC = 50 + 2Q + 0.5q 2 MC = 2

Below is price and cost data of a perfectly competitive firm:

Price = $100

TC = 50 + 2Q + 0.5q

2 MC = 2 + q

a. At what level of output (q*) will the firm maximize its profits?

b. At that level of output, q*, how much Total Revenue does the firm earn?

c. How much profit does the firm make by producing q*?

d. What is the firm's TFC?

e. What is the firm's AVC at the output level q*?

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