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In the long run,
Suppose broccoli and Velveeta are complements in consumption. Suppose further that the supply of broccoli is increasing. Everything else held constant,
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- How much is total surplus if the market is perfectly competitive?How much is total surplus if the market is controlled by a single price monopolist?Suppose the single price monopolist started charging all customers the maximum price they are willing to pay. How much additional surplus is created?Question 5: Jimmy has a room that overlooks, from some distance, a major league baseball stadium. He decides to rent a telescope for $50 a week and charge his friends and classmates to use it to peep at the game for 30 seconds. He can act as a monopolist for renting out "peeps". For each person who takes a 30 second peep, it costs Jimmy $.20 to clean the eyepiece. Jimmy believes he has the following demand for his service: Price of a Peep $1.20 Quantity of peeps demanded 1.00 90 100 150 200 250 300 70 60 50 350 40 30 400 450 20 10 500 550 a) For each price, calculate the total revenue from selling peeps and themarginal revenue per peep. Price Quantity TR MR $1.20 100 90 100 150 200 70 250 60 300 350 50 40 30 400 450 20 500 10 550 b) At what quantity will Jimmy's profit be maximized? What price will he charge? What will his total profit be? c) Jimmy's landlady complains about all the visitors coming into the building and tells Jimmy to stop selling peeps. Jimmy discovers, though, if he…A movie monopolist sells to college students and other adults. The demand function for students is Q1,800-25P, and the demand function for other adults is Q=2,400-25P. The marginal cost is $2 per ticket. Instructions: Round your answers to 2 decimal places. a. What is the effect of price discrimination on consumer and aggregate surplus? CS=$ AS = $ b. What is the effect without price discrimination on consumer and aggregate surplus? CS = $ AS = $
- For a monopoly, why is marginal revenue less than price? a) If a monopoly wishes to increase sales, it must raise the price to all customers. The impact of the price effect alone causes marginal revenue to be less than price. b) If a monopoly wishes to increase sales, it must lower the price to all customers. The impact of the quantity effect alone causes marginal revenue to be less than price. If a monopoly wishes to increase sales, it must lower the price to all customers. The marginal revenue will be less than the price because of the impact of the price effect working with the quantity effect. d) If a monopoly wishes to increase sales, it must raise the price to all customers. The impact of the price effect, working with the quantity effect, causes marginal revenue to be less than price. If a monopoly wishes to increase sales, it must lower the price to all customers. The impact of the price effect alone causes marginal revenue to be less than price.1. A firm faces the following inverse demand curve: P = 500 - 0.25Q Where: Q is the monthly production P is price, measured in dollars per unit. The firm also has a total cost (TC) function of: TC = 200Q. Assuming the firm maximizes profits, answer the following: a) Assuming the firm operates as a monopolist, calculate the following: price, quantity, and profit. Graph and show the equilibrium price and quantity. b) Assuming perfect competition, what are price, quantity and profit? Show on the graph from above.Fruity Apples is the monopolist in the market for apples. The following equations describe the demand, the marginal cost, and the total cost, where Q is in pounds and P is price per pound. Demand: P = 93 - Q Marginal cost: MC = 3 + 2Q Total cost: TC = 3Q+Q². What would the equilibrium price and quantity be if this market was perfectly competitive? P = $61 and Q = 32 pounds P = $30 and Q = 63 pounds P = $63 and Q = 30 pounds P = $32 and Q = 61 pounds
- Give typing answer with explanation and conclusion A monopolist faces market demand given by P = 1000 – 10Q. For this market, MR = 1000 – 20Q, MC = 100 + 10Q and ATC = 100 + 5Q. If the monopolist does not price discriminate, what is the value of consumer surplus?Suppose you are a monopolist in the market for a specific Q video game. Your demand curve is given by P = 80- - and 2 your marginal cost curve is MC = Q. Your fixed cost is $400. i) Derive the marginal revenue curve. ii) Calculate the equilibrium price and quantity. iii) What is the profit?Suppose you are a monopolist and you have two customers, A and B. Each will buy either zero or one unit of the good you produce. A is willing to pay up to $35 for your product; B is willing to pay up to $10. You produce this good at a constant average and marginal cost of $8. If you could not engage in third-degree price discrimination, what price would you charge? OA $10. OB. $15. OC. $35. OD. $45. If you could practice third-degree price discrimination, you will earn a profit of $ (For simplicity, assume that if a consumer is indifferent between buying and not buying, he will buy.) Click to select your answer(s)
- A monopolist has an inverse demand curve given by p(y) =12 − y and a cost curve given by c(y) = 3y. 1. Find the marginal revenue and marginal cost functions.2. Find the optimal price and quantity for the monopolist.3. Find the optimal price and quantity if the market is competitive. Note that in the competitivemarket firm produce where MC=AC.4. Calculate the consumers surplus and deadweight loss of due to monopolyNow suppose that the monopolist chooses q to maximise its profit. The consumer surplus at this profit maximising quantity would be?Inverse demand for aglets (the plastic wrap on the end of the shoelaces) is given by the expression: P=1-Q/20,000. Further suppose the the marginal cost of producing aglets is constant at $0.01. What are the equilibrium price and quantity in a competitive market? What are the equilibrium price and quantity as well as profit in monopolistic market? What is the deadweight loss?