Question: 2 0 ^ ( th ) Assignment Consider a firm with a sort run total cost of TC = 5 0 + ( 1 )

20^(

)

Assignment Consider a firm with a sort run total cost of TC

= 50 + (1) / (2)

^(2) -

and marginal cost: MC

=

-

facing a market demand curve of p

= 90 -

.

Graph and calculate the short run profit if the market is a monopoly. Graph and calculate the welfare and any deadweight loss if the market is a monopoly in the long run. Graph and calculate

-

using the comparative statics method the long run welfare if the market is perfectly competitive. How many firms would be in a perfectly competitive equilibrium?

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