A perfectly competitive firm has a marginal cost function given by MC=2Q The market has determined a price of P=36. The firm chooses its profit maximizing quantity. At this quantity, the average total cost of production is ATC=28. Given this information , what is the short run profit earned by this perfectly competitive firm? The profit is __ square

To determine the short-run profit earned by the perfectly competitive firm, we need to follow these steps:1. **Find the Profit-Maximizing Quantity:** In a perfectly competitive market, a firm maximizes its profit by producing the quantity where marginal cost (MC) equals the market price (P). Given: Set : 2. **Calculate Total Revenue (TR):** Total revenue is calculated as the price times the quantity: 3. **Calculate Total Cost (TC):** Average total cost (ATC) is given as 28 at the profit-maximizing quantity. Therefore, total cost is: 4. **Calculate Profit:** Profit is the difference between total revenue and total cost: Thus, the short-run profit earned by the firm is .