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The following equations describe a firm's demand and total cost. P = 1,210 - Q TC = 10 + 10Q + 5Q2 a. What level

The following equations describe a firm's demand and total cost.

P = 1,210 - Q

TC = 10 + 10Q + 5Q2

a. What level of output should be produced to maximize profits (or minimize losses)?

b. What is the market price?

c. Should the firm keep producing or shut down?

d. Calculate profit (or losses)?

e. The firm provides electricity to residential households. Customers are billed semi-annually and there are no other electricity providers in the area. What type of market is this?

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