In a perfectly competitive market:

the market price is 24

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

average total cost at equilibrium is 40, and

average variable cost at equilibrium is 10

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, would firms

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? (if yes=1, no=2) (assume all firms have the same cost structure)

______