QUESTION 4 A firm sells its product in a perfectly competitive market where other firms charge a price of $110 per unit. The firm estimates its total costs as C(Q) = 70 + 14Q+2Q2. Thus, the marginal costs are MC(Q) = 14 + 4Q. How much output should the firm produce in the short run? QUESTION 5 A firm sells its product in a perfectly competitive market where other firms charge a price of $110 per unit. The firm estimates its total costs as C(Q) = 70 + 14Q + 2Q. Thus, the marginal costs are MC(Q) = 14+ 4Q. What price should the firm charge in the short run? QUESTION 6 A firm sells its product in a perfectly competitive market where other firms charge a price of $110 per unit. The firm estimates its total costs as C(Q) = 70 + 14Q + 2Q. Thus, the marginal costs are MC(Q) = 14+ 4Q. What are the firm's short run profits? QUESTION 7 You are the manager of a firm that sells its product in a competitive market at a price of $50. Your firm's cost function is C = 40 + 5Q2. Thus, the marginal costs are MC(Q) = 10Q. The profit-maximizing output for your firm is QUESTION 8 You are the manager of a firm that sells its product in a competitive market at a price of $50. Your firm's cost function is C = 40+ 5Q2. Thus, the marginal costs are MC(Q) = 10Q. Your firm's maximum profits are