2. Competition vs. Monopoly II: The Monopoly Widget Firm 20 30 40 60 Next, suppose that the industry is monopolized. 80 90 100 AC 120 Market demand (D) for the product is: P = 60 – 2Q e. Calculate the deadweight loss and label the DWL area in the diagram, The monopoly firm's total cost is: TC = 900 + 4Q? DWL = a. Write the monopoly's marginal revenue, marginal cost, and average cost equations. f. Calculate the maximum total profit (N) and show it as an area, n* = MR = MC = AC = b. Find the profit-maximizing level of output (Q*) and equilibrium P*, AC*, MR*, and MC*. Q* = Widget Monopoly P* = AC* = MR* = MC* = c. Compute total revenue (TR), total cost (TC), and maximum profit (N) in equilibrium. TR* = TC* = Coug * = TCoubernou A woooboA d. GRAPH the market situation of the monopoly: D, MR, MC, and AC. Mark equilibrium values. (Use the table to identify some values for AC.) 120

2. Competition vs. Monopoly II: The Monopoly Widget Firm 20 30 40 60 Next, suppose that the industry is monopolized. 80 90 100 AC 120 Market demand (D) for the product is: P = 60 – 2Q e. Calculate the deadweight loss and label the DWL area in the diagram, The monopoly firm's total cost is: TC = 900 + 4Q? DWL = a. Write the monopoly's marginal revenue, marginal cost, and average cost equations. f. Calculate the maximum total profit (N) and show it as an area, n* = MR = MC = AC = b. Find the profit-maximizing level of output (Q) and equilibrium P, AC, MR, and MC. Q = Widget Monopoly P* = AC* = MR* = MC* = c. Compute total revenue (TR), total cost (TC), and maximum profit (N) in equilibrium. TR* = TC* = Coug * = TCoubernou A woooboA d. GRAPH the market situation of the monopoly: D, MR, MC, and AC. Mark equilibrium values. (Use the table to identify some values for AC.) 120

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Could I have help wi th parts d-f

2. Competition vs. Monopoly II: The Monopoly Widget Firm
20
30
40
60
Next, suppose that the industry is monopolized.
80
90
100
120
AC
Market demand (D) for the product is:
P = 60 – 2Q
e. Calculate the deadweight loss and label the DWL area in the diagram.
The monopoly firm's total cost is:
TC = 900 + 4Q?
DWL =
a. Write the monopoly's marginal revenue, marginal cost, and average cost equations.
f. Calculate the maximum total profit (N) and show It as an area.
MR =
MC =
AC =
n* =
b. Find the profit-maximizing level of output (Q*) and equilibrium P*, AC*, MR*, and MC*.
Q* =
Widget Monopoly
P* =
AC* =
MR* = MC* =
. Compute total revenue (TR), total cost (TC), and maximum profit (N) in equilibrium.
TR* =
E
TC* :
* =
TCouberinou A wooobo
d. GRAPH the market situation of the monopoly: D, MR, MC, and AC. Mark equilibrium values.
(Use the table to identify some values for AC.)
120
100
40
60

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