1) Assume the following regarding a firm in Perfect Competition:

Market Demand =Qd = 550 - 5 P

Market Supply =Qs = 10 P

Each identical firm has:

MC = 5 q

ATC = 15

1.What price will the firm charge?

2.What is the firm's equilibrium quantity?

3.What is the firm's total cost?

4.What is the firm's total revenue?

5.What is the firm's profit or loss?(use a negative sign to indicate a loss)

6.Is the firm in a short-run or long-run situation?

2)Consider the following original demand-supply functions, where:

Demand:P = 85 - Q

Supply:P = 10 + Q

1. Original equilibriumprice is ?

2. Original equilibrium quantity is ?

Further consider a tax of 5 per unit of output and a new supply function:

3. The new consumerprice after the imposition of tax is ?

4. The newquantity after the imposition of tax is ?

3)Refer to the Monopoly diagram below for the following questions.

1.At what output (Q) will this firm maximize profit?

2.At what price (P) will this firm maximize profit?

$

3.What is the total revenue (TR) earned at this output level?

$

4.What is the total cost (TC) accrued at this output?

$

5.What profit (pf) is earned?

$

4) Given the following information for a monopoly firm:

Demand: P =60 - 2(Q)

Marginal revenue: MR =60 - 4(Q)

Marginal cost: MC = 2(Q) + 8

Average total cost at equilibrium is 14

1.At what output (Q) will this firm maximize profit?

2. At what price (P) will this firm maximize profit

3. What is the total revenue (TR) earned at this output level

4. What is the total cost (TC) accrued at this output

5. What profit is earned

Assume this firm is to be regulated. Answer the following questions:

6. What is the social optimal quantity

7. What is the social optimal price

5)Refer to the figure below for the following question.(Assume this firm is a monopolistic competitor)