1. The demand curve in the market for apples is Qd=30-P. The market supply curve is P=MC=20. The total cost curve is TC=10+20Q a) Assume the market is perfectly competitive. Calculate the price, quantity, producer surplus and consumer surplus. b) Assume the market is served by a single monopolistic firm instead. Calculate the marginal revenue, equilibrium quantity and price. c) What is the change in Consumer Surplus, Producer Surplus and deadweight loss between a) and b)? d) Suppose that apple production technology improves and results in the marginal cost of the firm decreasing to $10 overnight. What is the new profit level? How will the firm act in the short run? And in the long run?