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ou nedd to understand demand, marginal revenue, marginal revenue curves and marginal cost … In addition, you know how to calculate the profit, total cost, and average total cost at the equilibrium levels of output is very important for this assignment.1.Given the following demand, supply and marginal revenue curves, calculate the equilibrium output and price under Perfect Competition, Monopoly, and Cournot Duopoly. In addition, calculate the consumer and producer surplus in each market and discuss the efficiency implications of the different market structures. (30 Points)
a.
b.
c.
d.
e.
f.Cournot:
g.
i.
ii.
iii.
iv.

2.Given the following demand, marginal revenue, and marginal cost functions determine the equilibrium price and quantity under perfect competition and monopoly (graphically show the equilibrium under both market structures). In addition, calculate the profit, total cost, and average total cost at the equilibrium levels of output. (20 Points)
a.
b.
c.
d.
3.Utilizing the equations from question 2, calculate the equilibrium output per firm and market price under perfect competition in the long run. In addition, calculate the market output and number of firms in the market. (20 Points)

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