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Consider there are many firms with cost function C(Q)=Q2-2Q+1
a. Calculate marginal cost of these firms, MC(Q)
b. Find a competitive equilibrium â equilibrium quantity Qc and equilibrium price Pc
a) The marginal cost is 2Q-2
b) If the demand curve is P=10-Q, TR=10Q-Q^2, MR=10-2Q, MC=2Q-2' equating the MC=MR, 10-2Q=2Q-2, Q*=3, P=$7
c.) Now suppose there is a monopoly (instead of multiple firms on the market) with same C(Q) c. Write down profit (Ã) of this monopoly as a function of Q only (should not containP) d. Find derivative of profit à with respect to Q
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