Firm PQR produces a product 'Alpha' under perfect competition market conditions. The cost function for the firm is:
TC = 1500 + 200Q + Q^2
The market supply and demand equations for the product 'Alpha' in the perfect competition market are:
QS = 40,000 + 60 P
QD = 80,000- 40 P
Based on the information given above, calculate:
1. The profit maximizing output for PQR.
2. The economic profits earned by PQR.
3. Is the industry for product 'Alpha' in equilibrium?