1. In the competitive market at a price of $50 and cost function of C=50+5Q2 find out the maximum profit? Show how the solution was reached.

2. In the competitive market at the price of $60 and cost function of C=50+3Q2 find out the maximum profit? Show how the solution was reached.

3. In the competitive market with the price of $14 and total cost curve of C(Q)=10+4Q+0.5Q2, what price should be charged in the short-run? Show how the solution was reached.

4. In the monopoly with the demand curve of P=85-5Q and cost of C=20+5Q, find out the profit maximizing output? Show how the solution was reached.