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Suppose the firm is a price taker. The market price is $500 and its marginal cost 2Q. The firm's Total Cost function is Q 2

Suppose the firm is a price taker. The market price is $500 and its marginal cost 2Q. The firm's Total Cost function is Q²

a. Find the firm's profit

b. Suppose the market price rises to $1000. MC=$2Q. Find the firm's profit.

c. Suppose the market price is $500, MC=2Q, and the firm suffers a recurring legal of $50,000. Find the firm's profit.

d. Suppose the market price is $500, and MC=4Q and the firm's TC function is 2Q Find the firm's profit.

e. How would the problem of hidden costs figure into this approach?

f. How would the existence of hidden or intangible benefits figure into this approach?

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