You are the manager of a firm that sells its product in a competitive market at a price of $50. Your firm's cost function is C = 40 + 5Q².

(a)What are your firm's maximum profits?

(b)Critically analyse the business issues that you as a manager must deal with in this market environment.

(c)What are some of the business strategies you will put in place to meet the business issues identified in (b) above?

(d)How will your business strategy change if your firm is facing a monopoly environment?