refer to imageanswer B,C, and D Instructions: Enter your answers as a whole number.a. For Major Tom's Space Flights, the profit-maximizing level of output isseats and the profit-maximizing price is $million.b. In the market for Major Tom's Space Flights, the allocatively efficient level of output isprice is $seats and the allocatively efficientmillion.c. If the market for space flight seats were to go from the monopoly solution to the allocatively efficient solution, the change inconsumer surplus would be $million.d. Using the graph, identify the area of deadweight loss that results from Major Tom having a monopoly in commercial space flight.Instructions: Use the tool provided "Deadweight Loss" to illustrate this area on the graph above. Major Tom's Space Flights offers commercial space flights to people willing to pay for a seat on his rocket ship. Major Tom currentlyhas a monopoly on commercial space travel. The demand for seats on his rocket ship and the cost information are shown in the tableand graph below.Major Tom's Market for Space TravelPrice (millions ofdollars)$34Quantity Demanded Marginal Revenue (millions Marginal Cost(millions of(seats)of dollars)dollars)32$32.00$5.6030228.006.0028324.006.402620.006.802416.007.202212.007.602078.008.001884.008.401690.008.801410-4.009.201211-8.009.601012-12.0010.00Market for Seats on Rocket Ship$35Tools$30Deadweight L$25$20$20$15$10MC$10$57MR126 810121416Quantity (seats)Price (millions of dollars)

Monopoly: It is a market structure in which there operates a single producer selling the goods or…

Major Tom's Space Flights offers commercial space flights to people willing to pay for a seat on his rocket ship. Major Tom currently has a monopoly on commercial space travel. The demand for seats on his rocket ship and the cost information are shown in the table and graph below.

Major Tom's Space Flights offers commercial space flights to people willing to pay for a seat on his rocket ship. Major Tom currently has a monopoly on commercial space travel. The demand for seats on his rocket ship and the cost information are shown in the table and graph below.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

refer to image

answer B,C, and D

Instructions: Enter your answers as a whole number.
a. For Major Tom's Space Flights, the profit-maximizing level of output is
seats and the profit-maximizing price is $
million.
b. In the market for Major Tom's Space Flights, the allocatively efficient level of output is
price is $
seats and the allocatively efficient
million.
c. If the market for space flight seats were to go from the monopoly solution to the allocatively efficient solution, the change in
consumer surplus would be $
million.
d. Using the graph, identify the area of deadweight loss that results from Major Tom having a monopoly in commercial space flight.
Instructions: Use the tool provided "Deadweight Loss" to illustrate this area on the graph above.

Major Tom's Space Flights offers commercial space flights to people willing to pay for a seat on his rocket ship. Major Tom currently
has a monopoly on commercial space travel. The demand for seats on his rocket ship and the cost information are shown in the table
and graph below.
Major Tom's Market for Space Travel
Price (millions of
dollars)
$34
Quantity Demanded Marginal Revenue (millions Marginal Cost(millions of
(seats)
of dollars)
dollars)
32
$32.00
$5.60
30
2
28.00
6.00
28
3
24.00
6.40
26
20.00
6.80
24
16.00
7.20
22
12.00
7.60
20
7
8.00
8.00
18
8
4.00
8.40
16
9
0.00
8.80
14
10
-4.00
9.20
12
11
-8.00
9.60
10
12
-12.00
10.00
Market for Seats on Rocket Ship
$35
Tools
$30
Deadweight L
$25
$20
$20
$15
$10
MC
$10
$5
7
MR
12
6 8
10
12
14
16
Quantity (seats)
Price (millions of dollars)

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