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Assignment:
Metro Alarm Systems sells basic digital alarm systems across the Minneapolis Metro. T he demand and cost information areas follows:
P= 1000 - 2Q
TC=31,250 +200Q
The cost function includes a normal return, so any profit could be considered economic profit. The structure of the market is monopolistic competition.
A. What are the firm's current price/output combination and profit level? Is the market in equilibrium? Include a brief explanation for your answer.
B. Calculate the equilibrium price and quantity and demonstrate that this is indeed a long run equilibrium. Explain why this is a long run equilibrium.
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