Answer the following questions using academic sources as well
Minimum of half page response for each. Thank you.
1. Assume the following inverted demand function of a firm in the short run: P(x) = 43 – .32x
Derive the MR function from this demand function.
The TC function is: TC (x) = 2500 + 3x + .08×2
which yields the MC function as MC(x) = 3 +.16x
(a). What is the equilibrium price? What is the equilibrium quantity. (Show your work)
(b). What is the short run profit or loss of this firm? (Show your work).
2. Provide an example of a monopolistically competitive firm and an oligopoly firm. With appropriate graphs, show at least two features which distinguish the price and output determination of these firms.