The market supply and demand curves in a perfectly competitive market are, respectively:
Qs= 400+25p and Qd= 700-50p
The representative firm,in this market, has the following cost function:
Q^3-7q^2=12Q+5
a. Find the profit maximizing output of the firm
b. Find the total profit earned at this level of output
c. How many firms are in the market?