In a market demand and supply equations are: The demand curve is given as P = 900 - 10Q The supply curve is given as P = 300 + 20Q 2) Assume a monopoly condition for the above market. a) What are the monopoly market price and quantity? b) What is the consumer surplus? c) What is producer surplus?
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In a market demand and supply equations are:
The demand curve is given as P = 900 - 10Q
The supply curve is given as P = 300 + 20Q
2) Assume a monopoly condition for the above market.
a) What are the
b) What is the
c) What is
d) What is the total wealth?
e) What is the
Please show full work and explanation, Thank you in; I will leave a good rating!
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- An economist was trying to understand the relation between price, Marginal Revenueand Marginal cost in Monopoly and Perfect Competition. Determine equilibrium priceand output in the long run under Monopoly and Perfect Competition if the marketdemand curve is given as QD=500-2P and Marginal cost is Rs 50. Also comment onthe values obtained in the case of Monopoly and Perfect CompetitionConsider a price discriminating monopoly facing the demand equations and total cost equation below. Market 1: Q1 = 150 – ½P1 Market 2: Q2 = 200 – P2 Total Cost: TC = 100 + 10Q; where Q = Q1 + Q2 a. Calculate for the firms profit and graphically illustrate the resultsb. Calculate and discuss what happens to output, price and profit if the monopoly was unable to maintain the separation between the two marketsDraw the graph. If the monopoly is a price-discriminating monopoly charging some customers P1= $950 and other customers P2=$400, then: At the price P1= $950, the monopoly will sell a quantity Q1 = ______ At the price P2= $400, the monopoly will sell a quantity Q2 = ______. (Obs: calculation required here!) Total quantity sold at both prices is Q3 = Q1 + Q2 = ___________. The profit earned from selling the quantity Q1 at P1 is Profit1 = ____________________(identify the area on the graph and calculate it). The profit earned from selling the quantity Q2 at P2 is Profit2= ____________________(identify the area on the graph and calculate it). The total profit earned by the price discriminating monopolist is Profit = Profit1 + Profit2 = _______.
- To answer this question, you will want to work out the answer using a graph on a piece of scratch paper (not turned in). You are going to compare the outcomes in the case where there is perfect competition to the monopoly case. So, as an intermediate step, you will need to compute the equilibrium outcomes under competition and monopoly. Suppose that you have the following information about the demand for oil. Price ($/barrel) 80 70 60 50 40 30 20 10 Suppose that the marginal cost to produce a barrel of oil is $20. What is the deadweight loss if the oil market is a monopoly? Quantity demanded(# barrels) 5 6 7 8 9 10 11 12COURSE: MICROECONOMICS - PERFECT COMPETITION AND MONOPOLY (RESUBMITION QUESTION) We appreciate a perfect competition market where there is a predetermined limit number of firms with 20 total firms.Each has the cost function such that: CTi = qi2 + 4qi + 3 where qi indicates numbers of firms (i = 20) The demand in the market is: Q = 100 - 4pa) What is the individual supply of each firm?b) What is the supply of the whole industry?c) Obtain the market equilibriumIn the case where a new firm intended to enter a monopolist's market:(a) What kind of legitimate entry barriers can the firm face understanding the nature of the market it wishes to enter?b) What type of anticompetitive barriers could the firm already in the market present?Question 4 i. ii. iii. A monopoly can be recognized by certain characteristics that set it aside from the other market structures. Explain why a monopoly firm is a price-maker in microeconomics. The opponent of monopoly argued that the monopoly power will result to a social cost. Explain why. A perfectly competitive market has the opposite characteristics or conditions from the monopoly market, describe THREE (3) characteristics or conditions of the perfectly Competitive market structure.
- Question 5 The following figure describes the market demand curve of a monopoly market: 10 Price, cost 9 8 7 6 3 2 1 a. b. C. d. 5 10 15 20 25 30 35 D a). 45 50 55 60 65 70 75 80 85 quantity Draw the marginal revenue (MR) curve for the monopoly given the above market demand curve. If the monopoly firm can produce any output level with the extra cost $3 per unit, how would the marginal cost (MC) curve be? List the mathematical equation and draw the MC curve on the same figure of question The fixed cost for the monopoly company is $25. Find the optimal output level and the related profit/loss for it. There are two proposals concerning the market efficiency: Plan A: regulate the market price at $4. Plan B: allow and help the monopoly enforce the perfect price discrimination. If you represent consumers to vote for one plan, which one would you choose? Explain with proper calculation (Hint: consumers only care about their welfare).Give typing answer with explanation and conclusion Suppose that a monopolist whose marginal cost curve is MC(Q)=Q faces the demand curve P=10-2Q. What is monopolist's profit-maximizing quantity, profit-maximizing price, the total surplus (under monopoly profit maximization), also called the "monopoly market surplus," and if the monopolist can perfectly price discriminate, then deadweight loss equals...?Hi. I have this question for an assignment, I think someone doing an example step by step would be extremely helpful. So, if someone could pick whatever demand function they want and answer the following questions, that would be greatly appreciated.a) If the MC is $8/unit, find the equilibrium price and quantity under perfect competition and Monopoly. b) If the government places a tax of $2/unit on production in each case, find the new price and quantity under perfect competition and Monopoly. c) Comment on the incidence of the tax in each case.
- Using a real life example, explain that is meant by a ‘natural monopoly’. What are at least 3 characteristics of monopoly that are present in the example you provide? To what extent should natural monopolies be regulated? Why do even natural monopolies result in a deadweight loss to society? Which surplus is reduced more in a monopoly model: Consumer or Producer surplus?We want to model the oil markets of the 19th century. And let the inverse demand for oil be P = 300 - 2Q, and the marginal cost of producing oil be MC = Q. Standard Oil, during the second half of the 19th century, can be modeled as a monopsony. If we assume the oil market is a monopsony, what is the quantity produced in equilibrium? Give the exact value up to two sig figs after the decimal point.COURSE: MICROECONOMICS - MONOPOLY We appreciate a perfect competition market where there is a predetermined limit number of firms with 20 total firms.Each has the cost function such that: CTi = qi2 + 4qi + 3 where qi indicates numbers of firms (i = 20) The demand in the market is: Q = 100 - 4pa) What is the individual supply of each firm? (answered)b) What is the supply of the whole industry? (answered)c) Obtain the market equilibrium (answered)In the case where a new firm intended to enter a monopolist's market:d) What kind of legitimate entry barriers can the firm face understanding the nature of the market it wishes to enter?e) What type of anticompetitive barriers could the firm already in the market present? NOTE: a), b) and c) for perfect competition have been already answered by a tutor; please answer d) and e) questions
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