Question 1 A firm's total cost function is TC = 200 + 5Q - 2Q' + Q", (1) where Q is quantity. (a) If the firms are perfectly competitive and its profit maximizing output rate is 5, what is the market price? (b) At this output rate and price level, what is the firm's profit? (c) Find the shutdown price Question 2 A perfectly competitive firm's total cost function TO = 2500 + 150 Q + 4Q2, (2) if the industry is in long -run equilibrium (a) Write out this firm's profit as a function of Q (b) Find the value of Q in the long -run equilibrium (c) What is the price of firm's product ? Question 3 A perfectly competitive firm's total cost function is TO = 10 + 2Q + Q', (3) and the market price is P = 10, (a) To maximize profit in the short-run, how many units of products should the firm produce? (b) What is the firm's maximized profit in the short -run