Q 1) Select the correct answer from the choices given.

A firm supplies goods in a perfectly competitive market. The total cost function is given by

When a firm supplies a positive amount of goods, the supply function of the firm is

a.

b.

c.

d. P=8Q+4

Q 2) Select the correct answer from the choices given.

A firm supplies goods in a perfectly competitive market. The total cost function is given by

At the break-even quantity, the price is

a. 1

b. 2

c. 3

d. 4

Q 3) A firm supplies goods in a perfectly competitive market. The total cost function is given by

Derive the optimal amount of supply when the price is 1. Write 0 when the firm does not supply at all.

Q 4) A firm supplies goods in a perfectly competitive market. The total cost function is given by

Derive the optimal amount of supply when the price is 10. Write 0 when the firm does not supply at all.