In a perfectly competitive market:the market price is 20,Marginal cost (MC) = 2(Q) + 2...

In a perfectly competitive market:

the market price is 20

Marginal cost (MC) = 2(Q) + 2

average total cost at equilibrium is 26, and

average variable cost at equilibrium is 7

Part 1: The profit maximizing price is

Part 2: The profit maximizing quantity is

Part 3: Total revenue is

Part 4: Total cost is

Part 5: Average fixed cost is

Part 6: Total fixed cost is

Part 7: Total profit/loss is

Part 8: Marginal revenue is

Part 9: At this market price, would firms

1. Enter the industry

2. leave the industry

3. There is no incentive to enter or leave the industry.

(assume all firms have the same cost structure)

Part 10: At the market price, could this be a long run equilibrium price? (if yes=1, no=2) (assume all firms have the same cost structure)