Part 2: Respond to all of the following questions. L. Consider the following equations: Q=500-250P MC=AC = 15 cents a) Solve for the Price and Quantities under: Cournot Bertrand Stackelberg . Cartel b) Complete the table below: Cournot Equilibrium with Few and Many Firms Firm Industry Social Number Price Output Profit Output Profit Market Lerner Consumer Elasticity Index Surplus Welfare of Firms 1 2 3 4 5 6 7 where Q=ql+q2 8 9 10 15 20 50 100 250 500 750 1000 C Deadweight loss (10 MARKS)

Part 2: Respond to all of the following questions. 1. Consider the following equations: Q=500250PwhereQ=q1+q2MC=AC=15cents a) Solve for the Price and Quantities under: - Coumot - Bertrand - Stackelberg - Cartel b) Complete the table below: Cournot Equilibrium with Few and Many Firms (10 MARKS) Part 2: Respond to all of the following questions. 1. Consider the following equations: Q=500250PwhereQ=q1+q2MC=AC=15cents a) Solve for the Price and Quantities under: - Coumot - Bertrand - Stackelberg - Cartel b) Complete the table below: Cournot Equilibrium with Few and Many Firms (10 MARKS)