The following equation describes a firm's total cost.

TC = 10 + 10Q + 5Q²

1. If the firm is a price taker and other firms in the industry sell output at a price of $110, what price should the manager of this firm put on the product?
2. What level of output should be produced to maximize profits (or minimize losses)?
3. Should the firm keep producing or shut down?
4. Calculate profit (or losses)?
5. The firm sells gourmet flower bouquets (which are perfect substitutes) at the L.A. County Fair. What type of market is this firm operating in?