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Consider a market with a market demand of D: P = 300 - (0.5)QD and a market supply of S: P =12 + (0.15)QS. Assuming there are N=135 identical firms operating in a perfectly competitive market, answer the following questions.
a. Find the equilibrium price and quantity for the entire market.
b. Find the individual firm's quantity.
c. Suppose that the market is dominated by a monopoly. Find the equilibrium quantity and price for the monopolist.
d. Compare the total profit for when the monopolist chooses to produce at monopoly output levels versus if they chose to produce at competitive levels.
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