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economics please be in depth Question 3: [20 pts] Imagine the inverse demand curve for an industry is P = 20 Q. There are 20

economics please be in depth
Question 3: [20 pts] Imagine the inverse demand curve for an industry is P = 20 Q. There are 20 rms earh with marginal cost [MC] equal to 10. (a) Asmlme perfect competition. Find the equilibrium price. (b) Now assume that ten of the twenty rms are able to reduce their marginal 0061116 in half. The other 11an rennet and still face M0210. Amume perfect competition. Find the equilibrium price. Are consumers better or worse off in (b) then in (a)? (c) Celc1ate the H H I for the situation of part (a) and for the situation of part (b). In which case HR! is higher? ow would you advise antitrust authorities: in light of this situation

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