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The demand function for some product is given by Q = 100-10p. It costs $1 to...

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Economics

The demand function for some product is given by Q = 100-10p. Itcosts $1 to produce one unit of this good and fixed costs ofproduction are zero.

(a) Calculate equilibrium prices and industry output for twomarket structures: when this market is supplied by a large numberof perfectly competitive firms and by a monopolist.

b) Now suppose that there are only two firms in this industrywhich compete in quantities. State the profit-maximization problemof each firm and and their optimum strategies. Calculateequilibrium price and output per firm.

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