Suppose that the (inverse) demand curve for Ginseng is given by P = 110 − 4Q and TC =22 + $7Q2 (b and c require numerical answers—to be clear, I need to be given the numbers)
a. What are four conditions required for a competitive market?
b. What is equilibrium Quantity and Profit if the market is competitive and P = $110?
c. What is equilibrium Price and Quantity and Profit if there are monopoly in the market (note Q = Q)?
d. 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—you can explain the outcome
