1. Two firms compete in a market to sell a homogeneous product with inverse demand function P = 960-6Q. Each firm produces at a constant marginal cost of $60 and has no fixed costs. c. Assuming the firms collude and act as a monopolist, compute i. Equilibrium price and quantity ii. Total profits iii. Consumer surplus

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A: Given: Q=5 units then P=50 TFC=30 TVC=150

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A: TR=P*Q TR(3)=6.25*3=18.75 and so on MR=change in TR MR(4)=24-18.75=5.25 and so on MC=change in TC…

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Q: monopoly

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Q: Question 1 ( A monopolist sells Soma at the same price into two different markets. The inverse…

A: p1=15-q D2(p)=80-3p First, we convert the inverse demand equation of the first market into the…