Calculate the monopoly and duopoly equilibrium values for output, price, profit and consumer surplus when the inverse demand function is P = 50 - 2Q and the cost function is C = 10 +2q, where Q is the industry output and q is the output of the firm. How will the results be different if each duopoly firm faces different cost functions instead of the same? What does increased competition do to the equilibrium outcomes? (300 words) (20 marks)