Consider an industry with the following structure. There are 50 firms that behave in a competitive manner and have identical cost functions given by C(y) = y²/2. There is one monopolist that has 0 marginal cost. The demand curve for the product is given by

D(p) = 1000 - 50p

(a) What is the supply curve of one of the competitive firms? Find the total supply from the competitive sector at price[2 points]

(b) Find the monopolist's profit maximizing output. What is the monopolist's profit-maximizing price? How much output will the competitive sector provide at this price? What will be the total amount of output sold in this industry? [ 3 points]

13.7. Consider an industry with the following structure. There are 50 firms that behave in a competitive manner and have identical cost functions given by c(y) = y'/2. There is one monopolist that has 0 marginal costs. The demand curve for the product is given by D(p) = 1000 - 50p. (a) What is the monopolist's profit-maximizing output? (b) What is the monopolist's profit-maximizing price? (c) How much does the competitive sector supply at this price