In a perfectly competitive market:

the market price is 22

Marginal cost (MC) = 2(Q) + 4

average total cost at equilibrium is 26, and

average variable cost at equilibrium is 8

Part 1: The profit maximizing price is?

Part 2: The profit maximizing quantity is?

Part 3: Total revenue is?

Part 4: Total cost is?

Part 5: Average fixed cost is?

Part 6: Total fixed cost is?

Part 7: Total profit/loss is?

Part 8: Marginal revenue is?

Part 9: At this market price,over time, firms would:

1. Enter the industry

2. leave the industry

3. There is no incentive to enter or leave the industry.

(assume all firms have the same cost structure)

Part 10: At the market price, could this be a long run equilibrium price? yes or no? (assume all firms have the same cost structure)