Find the total profit earned at this level of output

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Reference no: EM13153553

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?

Reference no: EM13153553

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