19 Assuming no government intervention in this market; what would be the equilibrium price?$What would be the equilibrium output?If the government decided to regulate and set the price equal to average cost; the new price would be:$and the new output would be:In general, this type of regulation tends to cause the monopoly profit toOIncrease to 91.5ODecreaseOStay the same The table below shows demand and cost information for a natural monopoly.Use the information in the table to answer the questions below:Price in $ Quantity Total Revenue in $ Marginal Revenue in $ Marginal Cost in $ Average Total Cost in $70.0000.0067.0067.001128.0064.0061.00183.00232.00275.0058.0055.0052.0049.0046.00312.00343.00368.00234567867.0061.0055.0049.0043.0037.0031.0025.0046.0044.5046.0049.0055.0064.0074.5086.5051.0047.7547.1747.6249.1052.0054.8658.81

Government intervention refers to the actions taken by the government to regulate, control, or…

Assuming no government intervention in this market; what would be the equilibrium price? What would be the equilibrium output? If the government decided to regulate and set the price equal to average cost; the new price would be: and the new output would be: In general, this type of regulation tends to cause the monopoly profit to OIncrease to 91.5 oDecrease Ostay the same

Assuming no government intervention in this market; what would be the equilibrium price? What would be the equilibrium output? If the government decided to regulate and set the price equal to average cost; the new price would be: and the new output would be: In general, this type of regulation tends to cause the monopoly profit to OIncrease to 91.5 oDecrease Ostay the same

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed below. Assume the bar owner has the right to hire as many bands as she likes. Iftransaction costs were $90, split between the bar owner and the tenants, how manybands would play? What would social welfare be? A. Three bands would play and social welfare would be ‐100.B. Two bands would play and social welfare would be 75.C. Two bands would play and social welfare would be ‐15.D. No bands would play and social welfare would be 0.E. Three bands would play and social welfare would be ‐190
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