1. A firm operates in a perfectly competitive industry. Suppose it has a short run total cost function given by TC= 42000 +0.001q^2. If the market price is 15, what is the firm's profit-maximizing quantity?
(Answers must be with 2 of the true value to be counted as correct. Do not include commas or plus signs.)
2.A firm operates in a perfectly competitive industry. Continue to suppose it has a short run total cost function given by TC = 42000 +0.001q^2. If the market price is 15, what is the highest profit the firm can earn?
(Format: answers must be with 4 of the true value to be counted as correct. Do not include commas, dollar signs, or plus signs.)