1. Suppose a monopolist has TC :: 100 + mg + QQQ, and the demand curve it faces is p = 90 - SQ. \"hat is the equilibrium price. quantity, and profit for this rm? '2. The average cost for a typical electricpowerproducing rm is AC : 100 mg + Q2 where Q is measuied in billion kilowatt hours per day. At'thc current price, consumers demand .1. billion kilowatt hours per day. a. is this market a natural monopoly? b. li'demand increases to 10 billion kilowatt hours, is this market a natural monopoly? Explain. 3. Suppose the market demand for a good in a competitive market is Q = 480 2p. The marginal cost is MC = 29. Calculate the de adweight loss resulting from a monopolization ofthis market. +. Assume anyone with a driver's license (think Uber or Lyft for example) is able to supply one trip from the airport to the downtown business center on any given day. The longrun supply curve of such trips is horizontal at p : $50, which is the average cost ofsuch trips. The daily market demand is Q 2 1000 10p. a. Calculate the change in consumer surplus, producer surplus and social welfare if the city government requires those people supplying such trips to have a special license. and the government will issue only 300 licenses. 5. All rms in a competitive industry have the following long-run total cost curve: C(q) : q3 10q2 + 36q where q is the output of the rm. a. Compute the long-run equilibrium price. What does the long-run supply curve look like if this is a constant cost industry? Explain. b. Suppose the market demand is given by Q: 111 p. Determine the long-run equilibrium number of firms in the industry