Assume a monopolist’s only cost is constant marginal cost of $2. Further assume there are 10 consumers with individual inverse demand of p = 10 − 2q. (a) What is the profit maximising price and quantity for the monopolist. (b) What are the consumer and producer surplus at this outcome. (c) What is the dead weight loss (compared to the socially optimal output and price).

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Price Discrimination

Price discrimination or differential pricing is based on the principle that the seller will charge the buyer a price based on the buyer’s ability and willingness to pay for the product rather than applying uniform pricing for all.