1-) Suppose there are 1000 identical kumquat producers.For each, TC = 10 + q².Market demand is Q = 600,000 - 100p.

a) Derive the short-run equilibrium Q, q, and p.

b) Does the typical firm earn a short-run profit?

2-) Consider a monopolist with demand Q = 120-2 p and marginal cost MC = 40. Determine profit, consumer surplus, and social welfare in the following three cases:

a) single-price monopolist;

b) perfect price discrimination.

c) Consider that the firm is operating in a perfectly competitive market. Find the profit, consumer surplus, and social welfare under this situation.

Show your work graphically.