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- 1. A regulator is charged with determining the length of a patent on new intellectual property, a song. If the regulator approves the patent for a relatively long duration, what is likely to happen? a Consumers will have broader access to the song. b The song's price will be relatively low for longer. c Artists will be more encouraged to produce new songs in the future. d The songwriter will earn lower royalties from the song.MindTa x Login × Login X Bb Salt W X m statican bruisevos index.hamladeploymentid=59400022675212682010495789084&elSBN=9781887912426&id=1639810498&snapshot d=32 CENGAGE MINDTAP Homework: Between Competition and Monopoly PRICE (Dollars per bike) 500 350 300 150 中興路 250 A G বন্ধ Content X MC 0 100 AC MR 150 Demand 250 300 350 QUANTITY (Bikes) 400 450 500 Cenga X Cenga X M Inbox 12 % Monopolistically Competitive Outcome 分会 Profit or Loss Given the profit-maximizing choice of output and price, the shop is earning positive profit, which means there are an equal number of shops in the industry than in long-run equilibrium. Now consider the long run in which bike manufacturers are free to enter and exit the market. Show the possible effect of free entry and exit by shifting the demand curve for a typical individual producer of bikes on the following graph. + Q SeaⒸ Macmillan Learning The accompanying graph depicts a hypothetical monopoly. Follow instuctions 1-3 below to identify the monopoly's profits. 1. Place point E at the monopoly's profit maximizing price and quantity. 2. Move the average total cost (ATC) curve to a position that depicts the monopoly earning a positive profit. 3. Place the area labeled Profit in the area of the graph that represents the monopoly's profit. Price ($ per unit) 10 9 8 7 5 3 2 1 0 0 1 O X E MR 2 3 4 5 6 Quantity (millions of units) 7 MC 00 D 9 ATC 10 Profit
- e. Perform the follow tasks and calculations as they pertain to the graph. a. Show points A and B on curve D1 in the form of ordered pairs. b. Calculate the Slope for flights moving from point A to point B on the curve. c. Explain in “economic terms" your results. Please show all work as you will receive partial points.solve the questionAn unregulated natural monopoly bottles Elixir, a unique product with no substitutes. The monopoly's Ktotal flaxed cost is $150,000 and its marginal cost is 20 cents a bottle. How many bottles of Elixir does the monopoly sell and what is the price of a bottle of Elixir? is the monopoly's use of resources efficient? CELL The graph shows the demand curve for Ex Draw the marginal revenue curve. Label it MR Draw the marginal cost curve. Label it MC. Draw a point at the monopoly's profit-maximizing quantity and price Elixir sells million bottles a year and the price is cents a bottle >>>Answer to 2 decimal places The firm produce the efficient quantity because OA does not marginal benefit equals marginal cost OB. does not marginal benefit exceeds marginal cost OC does; marginal revenue equals marginal cost OD does, marginal benefit equals marginal cost 604 00- 40 30+ 20 304 Price and cost (cents per bottle) D Quantity (millions of bottes per year) > Draw only the objects specified in the…