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Given a perfectly competitive firm in the output market where: P0 = exogenous price, 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.
(f) Find dQ*/dP0 using the implicit function rule on the F.O.C.
(g) Interpret the derivative in (f) economically.
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