Given a monopolistcally competitive firm, facing a demand schedule, Q=14-2P, where Q is the quantity demanded of the firm's output(in hundred units per day) and P is the unit price set by the firm(in dollars), and the firm's short run total cost function is given by STC(Q)=Q^3-6Q^2+8Q+20.
a) Find the firm's profit maximizing level of output and price charged. Check the second order condition.
b) Determine the level of profits for the firm.
c) Determine the price elasticity of demand at this profit-maximizing level of output.

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