QUESTION 6 3.75 points Save Answer 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+202 Thus, the marginal costs are MC(Q) = 14 +4Q. What are the firm's short run profits? QUESTION 7 3.75 points Save Answer 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 3.75 points Save Answer 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 QUESTION 9 3.75 points Save Answer You are the manager of a firm that sells its product in a competitive market at a price of $40. Your firm's cost function is C 60+ 4Q2. Thus, the marginal costs are MC(Q) 8Q. The profit-maximizing output for your firm is QUESTION 10 3.75 points Save Answer You are the manager of a firm that sells its product in a competitive market at a price of $60. Your firm's cost function is C = 50+ 3Q2. Thus, the marginal costs are MC(Q) 6Q. The profit-maximizing output for your firm is