A monopolist faces the inverse daily demand curve P = 20 – 0.005Q, and has the total cost curve C(Q) = 10Q. a. Find the profit-maximizing price and output, and the firm’s daily profit.    b. Find the firm’s Lerner Index at the monopoly price and output.  Why is this a measure of market power?  What determines its value? c.  If this industry was perfectly competitive instead of a monopoly, and that all the firms had a constant marginal cost MC(q) = 10.  What would be the industry output and price at a perfectly competitive equilibrium?

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