4. The cost function for a firm is given by C(q) = 5+Q2 If the firm sells output in a perfectly competitive market and other firms in the industry sell output at a price of $20, what price should the manager of this fim put on the product? What level of output should be produced to maximize profits? How much profit will be eamed? (Hint: Recall that for a cubic cost function) CIQ) = f + aQ +bQ2 + CQ3 the marginal cost function is MCQ) = a + 2bQ+ 3cQ2 Since a = 0, b = 1, and c= 0 for the cost function in this problem, we see that the marginal cost function for the fim is MC(q) = 20.)