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Consider a monopolistically competitive market with N firms. Each firm’s business opportunities are described by the following equations:

Demand: Q = 100/N – P

Marginal Revenue: MR = 100/N – 2Q

Total Cost: TC = 50 + Q2

a. If there are 5 firms in this market, what price does each charge? (Answer is a whole number.)

b. If there are 5 firms in this market, how many does each produce? (Answer is a whole number)

c. If there are 25 firms in this market, what price does each charge? (Answer is a whole number.)

d. If there are 25 firms in this market, how many does each produce? (Answer is a whole number.)

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