The market demand and cost functions within a particular industry are given by P = 200 - 2Q, and TC = 49 + 4Q
a. Define and provide examples of a monopoly. Calculate the profit maximizing output and price if this market is serviced by a monopoly.
b. Calculate the monopoly profit.
c. Calculate the profit maximizing price and output if this is a competitive market. Should the firm shut down or continue to operate? Explain your answer.