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1 QUESTIONS 3.75 points Save Answer A firm sells its product in a perfectly competitive market where other firms charge a price of $110 per unit. The firm estimates its total costs as C(q) = 70+ 14Q+202. Thus, the marginal costs are MC(Q) = 14 +4Q. What are the firm's short run profits? QUESTION 7 3.75 points Save Answer 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 + 502 Thus, the marginal costs are MC(O) = 100. The profit-maximizing output for your firm is QUESTION 8 3.75 points Save Answer 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 + 502. Thus, the marginal costs are MC(O) = 100. Your firm's maximum profits are QUESTION 9 3.75 points Save Answer You are the manager of a firm that sells its product in a competitive market at a price of $40. Your firm's cost function is C = 60 + 402. Thus, the marginal costs are MC(O) = 80. The profit-maximizing output for your firm is QUESTION 10 3.75 points Savo Answer You are the manager of a firm that sells its product in a competitive market at a price of $60. Your firm's cost function is C - 50 + 302. Thus, the marginal costs are MC(Q) = 60. The profit-maximizing output for your firm is