Firm PQR producees a product 'Alpha' under perfect competition market conditions. The cost function for the firm is:
TC = 1500 + 200Q + Q^2
QS = 40,000 + 60P
QD = 80,000 - 40P
Based on the information given
What is the profit maximizing output for PQR?
What is the economic profits earned by PQR?
Is the industry for product 'Alpha' in equilibrium?