A monopoly has long run total cost given by: TC = 61 + 6'Q + 0.4'Q, where Q represents the units of output. The market demand is given by: P= 194 -1.9Q. The monopolist's marginal revenue and marginal cost functions are: MR(Q) = 194 - 2'1.9°Q= 194 - 3.8Q and MC(O) = 6+ 20.4°Q= 6 0.8°Q. The profit-maximizing level of output for this monopolist is QM = 40.87, the monopolist's price is PM $116.35, and the monopolist earns profit of $3780.9. Consumer surplus under monopoly is CSM - $1586.8. =) What is producer surplus under monopoly? "SM= (Round to one decimal place.) p) What is the total welfare for this market under monopoly? WM= (Round to one decimal place.)

A monopoly has long run total cost given by: TC = 61 + 6'Q + 0.4'Q, where Q represents the units of output. The market demand is given by: P= 194 -1.9Q. The monopolist's marginal revenue and marginal cost functions are: MR(Q) = 194 - 2'1.9°Q= 194 - 3.8Q and MC(O) = 6+ 20.4°Q= 6 0.8°Q. The profit-maximizing level of output for this monopolist is QM = 40.87, the monopolist's price is PM $116.35, and the monopolist earns profit of $3780.9. Consumer surplus under monopoly is CSM - $1586.8. =) What is producer surplus under monopoly? "SM= (Round to one decimal place.) p) What is the total welfare for this market under monopoly? WM= (Round to one decimal place.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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