C(Q) = 10Q where QQ1+Q2. a) Please write out the total profit function for the monopoly as functions of Q₁ and Q2. b) Find out the profit maximizing Q₁ and Q2, and prices P and P₂ charged by the monopoly in each of these two markets, figure out the total profit. c) Suppose the monopoly must charge the same price in both market, please calculate the price and quantity for the monopoly, what would be the profit for the mononal

C(Q) = 10Q where QQ1+Q2. a) Please write out the total profit function for the monopoly as functions of Q₁ and Q2. b) Find out the profit maximizing Q₁ and Q2, and prices P and P₂ charged by the monopoly in each of these two markets, figure out the total profit. c) Suppose the monopoly must charge the same price in both market, please calculate the price and quantity for the monopoly, what would be the profit for the mononal

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

Question

Please answer all parts...

2. Suppose that a monopoly faces two markets for its product.
D₁: Q₁ = 100 P; and D₂ : Q2 = 80 - P
The monopoly can verify consumers to decide which market they belong to
so that it charge different prices in the two markets. The cost of production is
C(Q) = 10Q
where QQ₁ + Q2-
=
a) Please write out the total profit function for the monopoly as functions
of Q₁ and Q2.
b) Find out the profit maximizing Q₁ and Q2, and prices P₁ and P₂
charged by the monopoly in each of these two markets, figure out the total
profit.
c)
Suppose the monopoly must charge the same price in both market,
please calculate the price and quantity for the monopoly, what would be the
profit for the monopoly.

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