Duopoly Market for mechanical pencils can be described by the following demand schedule: Price | Number of pencils demanded $6 | 80 $5 | 200 $4 | 320 $3 | 440 $2 | 560 $1 | 680 $0 | 800 The fixed cost is $340, while the variable cost is $0.50. a) For each price, find the total revenue, the total cost, and the profit. b) If the market was under perfect competition, what would be the price and the quantity of pencils traded in the long run? Why? c) If there was only one seller on the market, what would be the price and the quantity of pencils traded? Why?

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