= Consider a market with demand Q=110-p. The market has free entry. Each firm has a cost function c(q) = 50 + 109. (Hint: assume Cournot competition) a. How many firms will enter? b. What price will each be charging? c. What profit will each firm make, if any? d. What is the consumer surplus? What is the total welfare, consisting of the consumer surplus plus total profit of all firms? f. Calculate total welfare if there was one firm less in the market. g. Explain in 100 words or less why you found that welfare increased or decreased or did not change. e. = Consider a market with demand Q=110-p. The market has free entry. Each firm has a cost function c(q) = 50 + 109. (Hint: assume Cournot competition) a. How many firms will enter? b. What price will each be charging? c. What profit will each firm make, if any? d. What is the consumer surplus? What is the total welfare, consisting of the consumer surplus plus total profit of all firms? f. Calculate total welfare if there was one firm less in the market. g. Explain in 100 words or less why you found that welfare increased or decreased or did not change. e