Market research shows that a particular monopolist faces a market demand function given byIts cost function isP （Q） = 50 - 2Q.C（Q）= 47 + 10QWhat is the monopoly market price and quantity?What is the monopolist’s profit?What is consumer surplus at the monopoly price?What would the price and quantity be in this market be if the monopolist behaved as in perfect competition?What is the consumer surplus in the case of perfect competition? Which is higher and why?What is the “social cost” of monopoly?

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Market research shows that a particular monopolist faces a market demand function given by
Its cost function is
P （Q） = 50 - 2Q.
C（Q）= 47 + 10Q

What is the monopoly market price and quantity?
What is the monopolist’s profit?
What is consumer surplus at the monopoly price?
What would the price and quantity be in this market be if the monopolist behaved as in perfect competition?
What is the consumer surplus in the case of perfect competition? Which is higher and why?
What is the “social cost” of monopoly?

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