Q. In a market, each firm

Q. In a market, each firm

Q. In a market, each firm has a marginal cost(MC) of $ 4, and the inverse demandfunction is given by: P=16-2Q where P is the market price and Q is the totalmarket quantity, find each of the following:1. Market price and quantity in a perfect competitive market?2. Monopoly price and quantity?3. Oligopoly market price and total quantity (hint: assume two firms areoperating in this market with the same MC=$4).4. In a diagram, show the marginal cost (MC) curve, marginal revenue (MR)curve, Demand curve, and show the points corresponding to your answers in1,2,&3.5. Calculate the consumer Surplus, Producer Surplus, and Dead Weight Lossfrom moving between monopoly and perfect competition, and show that in aseparate diagram?

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