(Solved): URGENT, deadline soon! 1) A firm has production function of f(x) = -x + 120x, it is also a monop ...

URGENT, deadline soon!

1) A firm has production function of f(x) = -x² + 120x, it is also a monopsonist in the input market x. The market price of each output is 1. Suppose there are 10 identical price taking firms supplying input x with cost function C(x) = x² + 30. a) Solve the short run equilibrium price, quantity and profit for each firm supplying input x. b) What is the deadweight loss? c) Suppose there is free entry and exit in the market of input x. Do you expect more firms to enter or existing firms to exit in the long run? How many firms supply x in the long run? 115 11 d) Now, suppose the government sets the minimum price of x at $- What quantity and price of x will the monopsonist choose to maximize profits in the short run? What is the deadweight loss?