Question: A firm has a cost function given by C = Q3 10622 + 506.2 + 100 (a) If the market price is 50, what is

A firm has a cost function given by C = Q3 10622 + 506.2 + 100 (a) If the market price is 50, what is the profit maximizing quantity of this firm? Would it be willing to produce a positive quantity in the short run? Would it remain in the market in the long run? (b) What is the lowest price at which this firm would produce a positive quantity in the short run? HOW much would it produce at that price? (c) What is the lowest price at which this firm w0uld remain in the market in the long run? How much would it produce at that price? (You will need a computer or calculator to solve the equation for this one - round to the nearest tenth)

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