Hello! I’m suffering AF with these problems, give me a hand? Thank you! It’s basically Monopoly and Cost functions. Of course I don’t expect to get the graphs done, I would just need the data asked specifically and I would appreciate the relevant information like the data I’m supposed to obtain through equations. Thanks!
4. Cost functions Suppose the cost function for your firm is TC(q)=10+10q and a marginal cost function of MC(q)= 10. a. Find variable cost, fixed cost, average cost, average variable cost and average fixed cost b. Show the average cost, marginal cost and average variable cost curves on a graph
5. Monopoly Assume a monopoly. The inverse market demand function is P(Q)=12-Q and the Marginal revenue function is MR(Q)=12-2Q. Market supply function is MC(Q)=2Q a. Calculate the price and quantity the monopoly will set to maximize its profits. b. Draw the demand function, marginal revenue function and market supply. Also draw the consumer surplus, producer surplus and the deadweight loss. c. Calculate the competitive market outcome given the demand and supply functions. Compare the market outcome in the competitive case and the monopoly case.