Question: Please explain your work and answer in detail. 1. Suppose the firm is a price taker. The market price is $300 and its marginal cost

Please explain your work and answer in detail.

1. Suppose the firm is a price taker. The market price is $300 and its marginal cost 2Q. The firm's Total Cost function is Q2.

a.Find the firm's profit.

b.Suppose the market price rises to $400. MC=$2Q. Find the firm's profit.

c.Suppose the market price is $300, MC=2Q, and the firm suffers a recurring legal of $10,000. Find the firm's profit.

d.Suppose the market price is $300, and MC=4Q and the firm's TC function is 2Q2Find the firm's profit.

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