Question: Confused with this question, please Consider the following functions for a firm selling solar power units. TR = $5,000Q - $3.902 MR = $ 5,000

Confused with this question, please

Consider the following functions for a firm selling solar power units. TR = $5,000Q - $3.902 MR = $ 5,000 - $7.8Q TC = $100,000 + $1,160Q + $2.5Q2 Slope of the AC curve = -100,000Q-2 + 2.5 MC = $1,160 + $5Q a) Calculate the equilibrium price and output for this firm as a monopolist (show workings). (2 marks) b) Using the same total revenue and total cost functions calculate the long run equilibrium price and output if this firm was a monopolistically competitive firm with a differentiated product (show workings). (4 marks) c) Compare and contrast productive and allocationefficiency under each market structure (monopoly and monopolistic competition with differentiation) for the total revenue and total cost functions provided (show workings). (4 marks)

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