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Suppose a perfectly competitive firm has a cost function: C(Q) = 500 + 4Q + 0.05Q2 and the market price of its product is $12.

Suppose a perfectly competitive firm has a cost function:

C(Q) = 500 + 4Q + 0.05Q2

and the market price of its product is $12.

What is the optimal (profit-maximizing) price for the firm to charge (don't overthink this one...)

What is the optimal output level for this firm to produce?

What are the firm's profits/losses from producing at the optimal quantity / price combination?

What are the firm's fixed costs?

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