Suppose that a firm faces the following demand curve:

Q = 80 - 5P

a) What type of market is this firm operating in? Calculate the total revenue curve for the firm in terms of Q (i.e., TR in terms of Q).

b) Assume that the firm's MR curve is given by MR = 16 - 0.4Q, and also that the firm has a MC curve given by MC = AC = 10. What output level should the firm produce to maximize profits?What price will the firm charge? How much will the profit be?

c) Assume that the firm has a MC given by MC = AC = 6 + 0.6Q, what level of output should the firm produce to maximize profit? What would be the profit-maximizing price? How much will the profit be?