The total cost function for a noncompetitive firm is given as
TC = 2Q3:- 25Q2:+ 150Q + 400
Assume the market demand function is
P = 5000 - 30Q + 0.2Q2:
Q 62.5
(a) Determine the short-run profit maximizing level of output for the firm and the market price.
(b) Find the normal profit level of output for the firm and the market price.
(c) Find the shut-down price.