Micro-economics

Monopoly and Monopsony Section question

uppose that an industry is characterized as follows: C = 100 + 3q2 MC = 6q P = 1252Q MR = 1254Q a) If there is only one rm in the industry, nd the monopoly price, quantity, and level of prot. b) Find the price, quantity, and level of prot if the industry is competitive c) Graphically illustrate the demand curve, marginal revenue curve, marginal cost curve, and average cost curve. Identify the difference between the prot level of the monopoly and the prot level of the competitive industry in two different ways. Verify that the two are numerically equivalent