Note: you need to show all the steps of your answer

1.Compare the monopoly firmtocompetitive firm in all oftheiraspects.

2.Given the following demand function of shoesfacing Ahmad's company

Q = 1,500 - 200P

WhereQ isquantity sales of shoesand P is price.

A.How manyshoes couldAhmadsell at $4.50 each?

B.What price wouldAhmad's companyhave to charge to sell 900shoes?

C.At what price wouldshoessales equal zero?

3.Find the equilibrium price and equilibriumquantity from the following relations describesdemand and supplyconditionsin a given industry.

QD= 80000-20000P(Demand)

QS= -20000 + 20000P(Supply)

WhereQ isquantityand P ispriceindollars.

4.Calculate the midpoint price elasticity of demand using the price of $5 and $7.The demand function is:

Q = 1,500 - 200P

Where Q isquantity demandedand P is price.

5.A newcompany estimates fixed costs foritsproduct of $50,000 per year and average variable costs of:

AVC=$0.5+$0.0025Q,

Where AVC is average variable cost (indollars) and Q is output.

Calculatetotalcostandaverage totalcostfortheprojectedfirst-yearvolumeof20,000units.

6.Calculate profit from the following demand and total cost functions at output level of 160 units:

Q =448-16P

TC = 1000 + 5 Q