.] A local monopoly, Bernie’s Lemon Fizz, sells its Lemon Fizz to the general public in its storefront and at a local sports arena. The demand function for its own store is Pg = 10 - 0.1qG and demand for the sports arena is Ps= 20 - 0.05 qS The total cost of supplying Lemon Fizz to each market is TC(Q) = Q + 150 where Q = qG + qS What is the optimal price Bernie will sell his Lemon Fizz for in each market? What are Bernie’s profit in each market? Why the price discrepancy? Is it realistic for Bernie to be able to price discriminate in these two markets? Explain.

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Monopoly Market

When a company and its products dominate a sector or an industry, it is termed a monopoly. When a firm and its products control a market, then it is called a monopoly.