Please solve questions 4 and 5! Question 4: Monopolists, Competition & ExternalitiesThe production of electricity creates a lot of pollution. Whether coal or natural gas is beingburned to create electric power, there are severe negative externalities from the productionand consumption of energy.1. Will the price of electricity be higher or lower if it is produced by a single monopolistrather than in a perfectly competitive industry? Why?2. Will the quantity of electricity consumed be higher or lower if it is produced by a singlemonopolist rather than in a perfectly competitive industry? Why?3. Will the total negative externality caused by pollution created in the production andprovision of electricity be higher or lower if electricity is produced by a single monopolistrather than in a perfectly competitive industry? Why?4. Is Total Surplus (that is, Consumer Surplus plus Producer Surplus) higher or lower ifelectricity is produced by a single monopolist rather than in a perfectly competitiveindustry? Why?5. Using the tools of economic analysis, now conduct some cost/benefit analysis. Whenwould you prefer a monopolist producer of electricity rather than a perfectly competi-tive industry? Why?

We are going to use economics concepts such as perfect competition, monopoly and natural monopoly to…

4. Is Total Surplus (that is, Consumer Surplus plus Producer Surplus) higher or lower if electricity is produced by a single monopolist rather than in a perfectly competitive industry? Why? 5. Using the tools of economic analysis, now conduct some cost/benefit analysis. When would you prefer a monopolist producer of electricity rather than a perfectly competi- tive industry? Why?

4. Is Total Surplus (that is, Consumer Surplus plus Producer Surplus) higher or lower if electricity is produced by a single monopolist rather than in a perfectly competitive industry? Why? 5. Using the tools of economic analysis, now conduct some cost/benefit analysis. When would you prefer a monopolist producer of electricity rather than a perfectly competi- tive industry? Why?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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