The cost function for a single plant is: C(q)=5qThe market demand curve is P=1005-Q1. Find the long run competitive equilibrium price and output. Illustrate graphically. What is consumer surplus in...

The cost function for a single plant is: C(q)=5q
The market demand curve is P=1005-Q



1. Find the long run competitive equilibrium price and output. Illustrate graphically. What is consumer surplus in competitive equilibrium?



2. Find the price and output if the industry is monopolized. Ilustrate graphically. How much profit does the monopolist make? What is the welfare loss under monopoly?
Feb 06, 2023
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