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Econ Question 2: 3. (10 points) The market demand curve is given by P = 60 40, (a) If the market is served by a

Econ Question 2:
3. (10 points) The market demand curve is given by P = 60 40, (a) If the market is served by a non-price discriminating monopolist with the total cost function C(Q) = 50 + 120Q. What is the optimal price by the monopolist? (b) If the market is served by a perfectly competitive firm with the total cost function given by C(Q) = 4Q2, what is equilibrium price? (c) Find the consumer surplus under each of the above two types of firms

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