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Assignment:
(Imperfect Competition and Perfect Competition. Suppose that the (inverse) demand curve for Ginseng is given by P = 126 - 4Q and TC =12 + $7Q2
1. What is equilibrium Quantity and Profit if the market is competitive and P = $125? (note that you are given the price in this example)
2. What is equilibrium Price and Quantity and Profit if there are monopoly in the market (note Q = Q and use the demand equation given)-this answer may not be a round number?
3. What is equilibrium Price and Quantity and Profit if there are two firms in the market (note Q = q1 + q2 and q1 = q2)? This question does not require a calculation-to state it more clearly, this does not require any mathematics-you can explain the outcome.
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