Problem 1. Use the following to demonstrate why a firm producing at the output level where MR=MC will also be able to maximixe its total profit. (ie be at the point where marginal profit is equal to zero)
P = 170 - 5Q
TC + 40 = 50Q + 5Q2 please show the steps
Problem 2. In a perfectly competitive market a firm had to be either "good or lucky" explain what is meant by this statement Illustrate with the use of a diagram.