Consider the following functions for a firm selling solar power units.TR = $5,000Q – $3.902MR = $ 5,000 – $7.80TC = $100,000 + $1,160Q + $2.5Q2Slope of the AC curve = -100,000Q-2 + 2.5MC = $1,160 + $50a) Calculate the equilibrium price and output for this firm as a monopolist (show workings).b) Using the same total revenue and total cost functions calculate the long run equilibriumprice and output if this firm was a monopolistically competitive firm with a differentiatedproduct (show workings).c) Compare and contrast productive and allocation efficiency under each market structure(monopoly and monopolistic competition with differentiation) for the total revenue and totalcost functions provided (show workings).


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