Question: Suppose that a competitive firm has a total cost function C(q) = 450 + 15q + 2q2 and a marginal cost function MC(q) = 15

Suppose that a competitive firm has a total cost function C(q) = 450 + 15q + 2q2 and a marginal cost function MC(q) = 15 + 4q. If the market price is P = $115 per unit, find the level of output produced by the firm. Find the level of profit and the level of producer surplus.

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