QUESTION 3 30 points Save Answer The market for meatloaf dinner can be described an (inverse) demand curve of P=20-1/2Q And a supply curve of P=3/14Q 12)(6) Find the equilibrium price and quantity in the meatloaf dinner market. 13)(4) Find and graph the equilibrium consumer surplus and producer surplus in the meatloaf dinner market Oscar's, one of the firms in the perfectly competitive meatloaf market faces a fixed cost of $12 (FC=12) and a variable cost of 3/402 (VC=3/4Q2). With a corresponding marginal cost of 3/2Q (MC=3/20). 14)(6) Find the quantity and cost at the lowest point of the average total cost curve (minimum efficient scale) for Oscar's. 15)(4) How many firms sell meatloaves in the long run? Consider that Oscar's has a monopoly in the meatloaf dinner business. Assume that Oscar's has constant returns to scale. 16)(4) Find the equilibrium price and quantity in the long run monopoly market. Assume that Oscar's begins with the same costs above; however, Oscar's has constant returns to scale. 17)(6) Find the consumer surplus, profit, and any deadweight loss to welfare in the long run monopoly market. Attach File Browse Local Files Browse Content Collection