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Suppose that the market demand is: P = 10 - Q, and marginal revenue is: MR = 10 - 2Q.
The marginal cost is: MC = 4 and average cost is: AC = 4.
a. If the market is under monopoly. Find out the profit maximizing price and output for this monopolist and calculate its economic profit or loss at the profit maximizing output.
b. If the market is under perfect competition. Find out the profit maximizing price and output and calculate the profit or loss at the profit maximizing output.
c. Which firm is more efficient, i.e., monopolist or competitive firm? Why?
d. Make diagrams to show your answers
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