Hi, I'm after some assistance with these problems. Thanks

1. Consider a perfectly competitive market where each firm faces a market price of p = 16. Each firm's cost function is TC = 50 + 4q + 2q. a. What are the quantity produced and profit for each firm in the short-run equilibrium? b. Suppose firms' long-run costs and market demand are unchanged in the long run. Will there be entry or exit in this market in the long run? c. What is the market price in the long run? What quantity will each firm produce? 2. A monopolist faces the demand curve p = 250-2q and its total cost function is given by TC = F + 10q, where F is a non-negative fixed cost. a. Find the profit-maximising price and quantity produced for the monopolist. b. What is the highest value of F that allows the firm to earn profits (of zero or more) rather than losses? c. Compute the average total cost and the marginal cost when F is at the level specified in (b), using the values from (a). 3. A monopolist has average-cost and market demand curves as shown in the figure. There is no price- quantity combination that is both feasible and sustainable (using the definitions from contestable-market theory). Demonstrate this for points A, B and C. (That is, for each point, explain either why it is not feasible or why it is not sustainable.)AC A B C