QUESTION 16 This question relates to the information given below. Assume that a profit maximizing, perfectly competitive firm has the following costs (q = output): Total Costs TC = 100 if q = 0 Total Costs TC = 100 + 10q + q2 if q >0 Marginal Cost MC = 10 + 2q if q > 0 When the market price is $30 (i.e. P = $30), then this firm should produce: O a. 10 units O b. 20 units O c. 70 units O d. 0 units O e. none of the above QUESTION 17 This question relates to the information given below. Assume that a profit maximizing, perfectly competitive firm has the following costs (q = output): Total Costs TC = 100 if q = 0 Total Costs TC = 400 + 10q + 2q2 if q > 0 Marginal Cost MC = 10 + 4q if q > 0