Please explain your work and answer in detail.<\/p>
<\/p>
1. Suppose the firm is a price taker. The market price is $300 and its marginal cost 2Q. The firm's Total Cost function is Q2.<\/sup><\/p> a.Find the firm's profit.<\/p> b.Suppose the market price rises to $400. MC=$2Q. Find the firm's profit.<\/p> c.Suppose the market price is $300, MC=2Q, and the firm suffers a recurring legal of $10,000. Find the firm's profit.<\/p> d.Suppose the market price is $300, and MC=4Q and the firm's TC function is 2Q2<\/sup>Find the firm's profit.<\/p>",
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