1.Using the following total cost function, calculate the level of output at firms shut down point
TC=1350+750Q-16Q²+Q³
2.Consider a perfectly competitive market in short run. Assume that market demand is, P=100-4Qd, market supply is P=Qs, denoting firm level quantity by "q", assume
TC=50+4q+2q²
What is the market equilibrium price and quantity?
Do firm make a profit or loss in the short run, and how much are these profits/losses?