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Consider an industry with the following structure. There are 50 firms that behave in a competitive manner and have identical cost functions given by C(y) = y2/2 . There is one monopolist that has 0 marginal cost. The demand curve for the product is given by
D(p) = 1000 - 50p
(a) What is the supply curve of one of the competitive firms? Find the total supply from the competitive sector at price
(b) Find the monopolist's profit maximizing output. What is the monopolist's profit-maximizing price? How much output will the competitive sector provide at this price? What will be the total amount of output sold in this industry?
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