In a perfectly competitive market:

the market price is 30

Marginal cost (MC) = 2(Q) + 6

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