Consider a market with demand given by D(p)=1002p. Any firm in the

market has the same cost function: T C(q)= q2+10

Suppose the firm is now facing a perfectly competitive market.

1. What is the price per unit charged and quantity produced if the firm maximizes profits.

2. What is the profit of the firm?

3. What is the implied consumer surplus?

4. What is the implied producer surplus?

5. What is the total/social surplus?