Question: 6. Suppose that an industry is characterized as follows: c = 100 2q2 P = 90 - 20 MR 90-40 each firm's total cost

6. Suppose that an industry is characterized as follows: c = 100 2q2 P = 90 - 20 MR 90-40 each firm's total cost function firm's marginal cost function industry demand curve industry marginal revenue curve a. If there is only one firm in the industry, find the monopoly price, quantity, and level Of profit. b. Find the price, quantity, and level of profit if the industry is competitive.

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