Question: In this example assume a product that could be provided by any one of three different Market StructuresPerfect Competition/Monopoly/Monopolistic Competition. Assume we are dealing with

In this example assume a product that could be provided by any one of three different Market Structures—Perfect Competition/Monopoly/Monopolistic Competition. Assume we are dealing with a market that has Firm costs given by TC = 2000+ 5Q²(For all Market Structures)

For each Market Structure in sub-questions A (Competitive), B (Monopoly), and C (Monopolistically Competitive you will be asked to calculate:

You are a Monopolist and the Demand for your product is P = 8,000 – 15Q

1. Determine the Profit-maximizing Output and Price.

2. Calculate the Firm’s Total Revenue, Total Cost and Profit or Loss in the SR

3. Discuss the LR implications for this Firm in this Market Structure based on the Profit/Loss you calculated you calculated for the SR.

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