Microeconomics

Questions: 1.What is the difference between and purely competitive market and pure monopolist in terms of profit maximization and pricing? Perfect Competition Consultants Solutions Firms P Q TR TC P/L TVC ATC AVC MC 1. 4 100 400 350 +50 300 3.5 3 5 2. 10 20 200 500 -300 300 25 15 10 3. 50 100 5000 5100 -100 3000 51 30 90 4. 25 100 2500 2500 0 2000 25 20 25 2.The four perfect competitors shown above have hired you to advise them.  The only concern they have is to maximize profits.  Based on your analysis of the data for each of their situations, what would you advise each of these firms to do and why? Monopoly Consultant Solutions Firms P MR Q TR TC P/L TVC ATC AVC MC 1. 10 5 10 100 50 +50 30 5 3 7 2. 50   50 2500 2600 -100 1600 52 32 50 3. 10 5 1000 10000 8000 +2000 5000 8 5 (min) 5 4. 90 70 25