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Assume that the market is perfectly competitive. Solve for equilibrium price and quantity (P,Q). Also compute the resulting aggregate firm profit and consumer surplus.1. What is equilibrium price?a=3b=2c=1d=1/2e=1/4f=none of the above
2. What is the equilibrium quantity(Q)?a=6b=12c=18d=16e=14f= none of the above
3. Compute the resulting firm profita=16b=326c=0d=214e=15f= none of the above
4. Compute the consumer surplusa=384b=296c=0d=112e=-112f= none of the above
Assume the market is served by a monopoly5. Solve for equilibrium pricea=3b=12c=25d=15e=27f= none of the above
6. Solve for equilibrium quantitya=16b=8c=12d=9e=27f=none of the above
7. Compute the resulting firm profita=164b=0c=192d=256e=112f= none of the above
8. Compute the Consumer Surplus?a=96b=25c=48d=0e=112f= none of the above
9= Compute the Lerner Indexa=0.89b=0.75c=3d=0.84e=0.13f= none of the above
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Please refer to Citizen Gas Company PDF for case study and questions. The case study belongs to Economics. Citizen Gas Company is a medium sized company with customers from residential, commercial and industrial sectors.
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Airphone, Corporation Produces cellular telephones at a processing cost of $47 each unit. The firm manufactures an average of 250 phones per week and has a yield of 87 percent good-quality phones
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