A person is selling in the short run competitive market where p=80. This persons total cost is shown by TC= 8Q^2 + 200. Demand is P = 136 - (1/2)Q
1) Short run competitive equilibrium? what is the profit and consumer surplus?
2) What is the long run competitive equilibrium? profit and consumer surplus?
3) What is the equilibrium if the person in question becomes a monopolist? profit and consumer surplus