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The market demand curve for a product is given as:
Q = 250 - 0.5P
a) Firm X1- Assume that the market is supplied by a monopolist with a constant unit cost equal to $100. Calculate the equilibrium price and quantity
b) Firm X2- Now assume that the market is supplied by perfectly competitive firms and that the market supply curve is perfectly elastic at a price equal to $100.
Compute the equilibrium price and quantity. Describe why the output and price levels are different for X1 and X2. Explain what occurs to consumer surplus, producer surplus, and deadweight loss.
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n a competitive market place (pure competition) is it possible to continually sell your product at a price above the average cost of production.
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