31 May Question C = 100 + 2Q 2 : Firm total cost function
Question
C = 100 + 2Q 2 : Firm total cost function
MC = 4Q :Firm marginal cost function
P = 90 – 2Q :Industry demand curve
MR = 90 – 4Q :Industry marginal revenue curve.
a. If there is only one firm in the industry, find the monopoly price, quantity, and level of profit.
b. Find the price, quantity, and level of profit if the industry is competitive
c. Graphically illustrate the demand curve, marginal revenue curve, marginal cost curve, and average cost curve. Identify the difference between the profit level of the monopoly and the profit level of the competitive industry.
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