1. Consider a Perfectly Competitive market where the demand is give...

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1. Consider a Perfectly Competitive market where the demand is given by P = 1500 – 2Q and the supply is given by P = Q.

a. Calculate the equilibrium price, quantity, total Consumer Surplus, and total Producer Surplus. Show all calculations.

B. Suppose this market now is controlled by a single-price monopolist whose marginal cost function is MC = Q. Determine this firm’s marginal revenue function, then calculate its profit-maximizing quantity, price, the total Consumer Surplus, and the total Producer Surplus. Show all calculations.

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