Bitcom, a manufacturer of electronics, estimates the following relation between marginal cost of production and monthly output: MC= $150+ 0.005Q

Calculate the marginal cost of production at 1,500, 2,000, and 3,500 units of output.

Assume Bitcom operates as a price taker in a competitive market. What is this firm's profit-maximizing level of output if the market price is $175?

Compute Bitcom's short-run supply curve for its product.

Provide a 100 word summary of how this can be applied to the current economy.

Be sure to include your work for all calculations.