Consider an industry with inverse demand p (y) = 200 - y and total cost TC = 40y. a) What are the total gains to trade in this industry? (number). Find the HHI index of this industry with one firm, a monopoly. (one number) b) Find the optimal level of output and the price of a monopoly assuming uniform pricing (give two numbers). Illustrate its choice in a graph. Mark a DWL. c) Find profit and a DWL if monopoly uses the first-degree price discrimination. d) Find the aggregate output, the price and the markup in a Cournot-Nash equilibrium with N firms (all functions of N ). What is the limit of the markup function as N goes to infinity? Why?

Consider an industry with inverse demand p (y) = 200 - y and total cost TC = 40y. a) What are the total gains to trade in this industry? (number). Find the HHI index of this industry with one firm, a monopoly. (one number) b) Find the optimal level of output and the price of a monopoly assuming uniform pricing (give two numbers). Illustrate its choice in a graph. Mark a DWL. c) Find profit and a DWL if monopoly uses the first-degree price discrimination. d) Find the aggregate output, the price and the markup in a Cournot-Nash equilibrium with N firms (all functions of N ). What is the limit of the markup function as N goes to infinity? 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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