Question: A rm in the Smart Watch industry has a total cost curve of TC = 24 + g Q 2 And corresponding marginal cost of

A rm in the Smart Watch industry has a total cost

A rm in the Smart Watch industry has a total cost curve of TC = 24 + g Q 2 And corresponding marginal cost of MC = 1Q 3 17)(4) Find the quantity and cost at the lowest point of the average total cost curve (minimum efficient scale) for a rm in the Smart Watch industry. 18)(4) Given the above costs and market, how many (identical) rms would be in the perfectly competitive market described above?[Reca11 from last section that the market demand is p = 24_ l/3Q] 19)(10) Instead of perfect competition, assume that there is a Smart Watch monopolist, Apple, in the market. Using the cost structure from above and the market demand curve nd, and graph, the prot, consumer surplus, and [long- run] deadweight loss generated by Apple in the Smart Phones market. 20)\") According to the information you have to work with above, is the market for Smart Watches properly considered a Natural Monopoly in the long run? Why

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