A monopolist faces a demand curve given by, q = 100 p With the inverse demand curve equal to, p = 100 q and MR = 100 2g. The monopolist's total and marginal cost functions are, TC = 700 +201; MC = 20. Calculate the monopoly output level, the monopoly price, and the prots of the monopolist. (7 marks) 3) Consider a market in which the market demand curve is given by P =18 Q Where Q is market quantity of vaccines. Two rms produce vaccines in this mdustry: Alpha and Delta. Alpha's output is denoted gal and Delta's output is denoted '11- Alpha has a marginal cost of 3, While Delta has a marginal cost of 6. The marginal costs also equal the average costs. (a) How much output and prot do Alpha and Delta make if they compete on their choices of quantities they produce? Note that the marginal revenue functions in of Alpha and Delta are: MR\" =18-2qa-qd MRd =182qdqa. (5 marks) (b) If Alpha can choose how much vaccine to produce before Delta, how much does each firm produce and how much are each firm's profits? Note that the marginal revenue function for Alpha in this case is: MR =12 -qa. (5 marks) (c) Are there any differences between the outcomes of (a) and (b)? Are there any differences in market efficiency between (a) and (b)? Explain your answers. (3 marks) (d) If the industry was instead monopolistically competitive in structure, even with just two firms as an equilibrium, would this produce any different outcome from (a) and (b)? Why or why not? (1 marks)