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- Joe’s Garage (JG) under monopoly faces inverse demand curve P = 200 – 15Q and marginal cost curve MC = 20Q + 50, where quantity is measured in rotations per day and price in dollars. Calculate the deadweight loss from market power at the firm’s profit-maximizing level of output.The industry demand curve for a particular market is Q = 1800 - 200P.The industry exhibits constant long run average cost at all levels of output, regardless of the market structure. The marginal cost is constant: MC = 1.50.(a) Calculate market output, price, consumer surplus, and producer surplus for each of the scenarios belowi. Perfect Competition ii. Monopoly (hint: MR = 9 - 0.01Q) iii. Perfect Price DiscriminationOne difference between a competitive firm and a monopoly is that __________________. a. monopoly makes economic profits, but a competitive firm never makes economic profits b. a monopoly faces a downward sloping marginal revenue curve, whereas a competitive firm faces a horizontal marginal revenue curve c. the cost curves of a monopoly are always below those of a competitive firm d. a monopoly always has economies of scale, but a competitive firm always has diseconomies of scale
- Describe each of the following terms. 1. Consumer surplus 2. Disutility 3. Explicit cost 4. Short-run period 5. CollusionWhen a well-known musician applies copyright ownership of his musical creations, he creates a monopoly by constraining unit production costs. demand for the product. O entry into the market. the number of inventorsinstructions please tackle d only. answers for a, b and c are attached as photos. The Metro Electric Company produces and distributes electricity to residential customers in the metropolitan area. This company is a monopoly and faces the following (inverse) demand: P = 0.04 – 0.01Q, where Q is the quantity and P is the price per unit. Its cost function is: C(Q) = 0.005Q + 0.00375Q². (a) What is the firm's marginal cost function? What is the firm's marginal revenue function? Find the equilibrium price and quantity. (b) Illustrate graphically the equilibrium price, quantity, consumer surplus, and producer surplus. (c) Compute the equilibrium consumer surplus and producer surplus. Compute the deadweight loss of this monopoly. (d) Now a new competitor, Western Light, with constant marginal costs MC. = 0.025 can potentially enter the market. What can Metro Electric Company do to retain the market? What price would it charge? What quantity would it produce? How do the deadweight loss in this…
- Price is set in a market by a dominant firm price leader (L = Leader). Total Market Demand is P = 10,000-5*QT.QT= 2,000 - .20*P.The dominant firm’s total cost is TCL= 50*QL + 1.5*QL2. The dominant firm’s Quantity Demanded is QL= QT – QF. The competitive fringe supply isSF= PL = 50 + 2QF;QF = -25 + .5*P. The dominant firm’s profit is _____?Different between the monopoly market and perfect competition market. Define in a well manner.In a monopoly in the long run: A) entry will not occur. B) economic profits will be eliminated by the entry of rival firms. C) economic profits will be reduced, but not eliminated entirely, by the entry of rival firms. D) social surplus is maximized.
- The welfare losses or costs due to imperfect competition are known as 1. consumer surplus. 2. dead-weight loss. 3. none of the above.4. producer surplus.Price is set in a market by a dominant firm price leader (L = Leader). Total Market Demand is P = 10,000-5*QT.QT= 2,000 - .20*P.The dominant firm’s total cost is TCL= 50*QL + 1.5*QL2. The dominant firm’s Quantity Demanded is QL= QT – QF. The competitive fringe supply isSF= PL = 50 + 2QF;QF = -25 + .5*P.The dominant firm’s profit maximizing output is _?Suppose demand is Q = 10000 - 1000P and marginal cost is constant at MC=6. From the given demand curve, one can compute the following marginal revenue curve: MR = 10 - Q/500 a. Graph the demand, marginal cost, and marginal revenue curves. b. Calculate the price and quantity associated with point C, the perfectly competitive outcome. Compute industry profit, consumer surplus, and social welfare.
