Given the following demand and cost functions, answer the questions below.
a) What is the perfectly competitive long-run equilibrium price and quantity?
b) Suppose the market is served by a monopolist, what is the long-run equilibrium price and quantity?
c) Graph the demand, marginal cost, and marginal revenue curves. Indicate the equilibrium price and quantity pairs under perfect competition and monopoly.
d) What are consumer, producer, and total surplus under perfect competition?
e) What are consumer, producer, and total surplus under monopoly?
f) What is the size of the deadweight loss under monopoly? Get Economics homework help today