Question: Consider a monopolist facing inverse demand function p = 20 - 3q, where q denotes the quantity produced by the monopolist. Assume that the total

Consider a monopolist facing inverse demand function p = 20 - 3q, where q denotes the quantity produced by the monopolist. Assume that the total cost of this firm is TC = 4+2q. (a) Derive the marginal revenue and marginal cost function. (b) Find the monopoly quantity, monopoly price and monopoly profit for this firm. (c) Assume now that the market operated under perfect competition. Find the equilibrium quantity, equilibrium price and equilibrium profit for this firm

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