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Question 3 (6 Marks) a) Suppose a firm has the following total cost function TC = 100 + 2q 2 . If price equals $20,

Question 3 (6 Marks)

a)Suppose a firm has the following total cost function TC = 100 + 2q². If price equals $20, what is the firm's output decision? What are its short-run profits?(3marks)

b)Suppose a monopolist has TC = 100 + 10Q + 2 Q², and the demand curve it faces is p =

90 - 2Q. What will be the price, quantity, and profit for this firm?

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