Suppose the cost function for a firm is given by C(Q) = 60 + 4Q+ 2Q^2.

a. If the firm sells output in a perfectly competitive market and other firmsi n the industry sell output at a price of $20, what level of output should the firm produce to maximize profits or minimize losses?

b. What will be the level of profits or losses if the firm makes the optimal decision?

c. After you've worked the problem, reconsider the original situation (with price of $20) but with fixed costs equal to 20.Finally reconsider the original situation (with fixed costs equal to $60) but with a market price of $8.