Be as specific as possible and always include explanations that describe your reasoning.

Suppose you're writing a report for the CEO of a wind power company. The CEO has the following questions she would like analyzed and answered as well as possible.

1.Suppose the market for wind power is Perfectly Competitive. What characterizes the long-run equilibrium under Perfect Competition? What is the relationship between Long-Run Average Total Cost and the profit maximizing quantity in the long-run?

A.Suppose there's a decrease in demand for wind power. What are the short-run and long-run impacts of the decrease in demand on the market, specifically, the market quantity,market price, and the number of companies in the wind power business?

2.Suppose the market for coal power is a Monopoly. What are the differences in the assumptions behind Monopoly and Perfect Competition? What is the impact of Monopoly power on the firm's Marginal Revenue? What is the profit maximizing quantity for a firm under Monopoly? How is the market price determined in a Monopoly market?

a.How does a Monopoly compare to Perfect Competition in terms of economic efficiency, consumer surplus, and producer surplus ?

Econ-3310