Given an imperfectly competitive firm in the output market where: P = P(Q) = price function where: P' < 0 and P'' = 0; C(Q) = cost function where: C' > 0, C'' > 0.
(a) State the firm's profit function in terms of Q.
(b) Find the F.O.C. that maximizes profits at Q*.
(c) Interpret the F.O.C.
(d) Find the S.O.C. that maximizes profits at Q*.
(e) Interpret the S.O.C.