Question Assignments Status : 5 6 ? 8 3:31 Assignment List . Suppose you are the manager of a watchmaking firm operating in a perfectly competitive market. . Your total cost of production is given by: TC = 90 + 8*q + 1*q", where q represents the units of output. Assignment Notes . The current market price for watches is $80 and your optimal (profit-maximizing) level of output is 36. Unit Menu (a) Is the current price a long-run equilibrium price? (Yes/No) Previous Item Next Item (b) Determine the correct long-run equilibrium price. (Note: Let the decimal places float in all calculations Redo Question then round your final answer to one decimal place. If the current price is the long-run equilibrium price, just enter t price.) Communication CHECK ANSWER Send Message View Messages Miscellaneous Appendix Units of MeasureQuestion 3:31 PM Assignments Status : V 2V 3? Assignment List A monopoly has long run total cost given by: TC = 89 + 6*Q + 1*Q, where Q represents the units of output. . The market demand is given by: P = 189 - 1.9Q. Assignment Notes The profit-maximizing level of output for this monopolist is 31.55 and the market price is $129.06. Unit Menu What is the monopolist's profit? Previous Item (Use many decimal places in your calculations, but round your final answer to one decimal place.) Next Item Redo Question CHECK ANSWER Communication Send Message View Messages Miscellaneous Appendix Units of Measure UMassAmherst University of Massachusetts, Amherst, MA USA 28,202 1 145