1. Assume that "X" is 9
(Inverse) demand function of a market is given by P=200-5Q. Any firm in this market has a marginal cost (MC) of 5+X TL (For example, if your ID number ends with 6, take the value of MC 11).
Assume that this market is perfectly competitive. In this case, find the equilibrium price, quantitities (Pc, Qc).
Assume that this market turns to be a monopoly from perfect competition. Find the monopoly equilibrium price, quantities (Pm, Qm).
Calculate and show on a graph the consumer surplus (CS), producer surplus (PS) and Deadweight Loss (DWL) in each situation explained in part (a) and (b) above.
