[Q: 11-1659212] Suppose a single-price monopolist faces an inverse demand curve given by: P(Q) = 311- 2Q and has a marginal cost curve given by MC(Q) = Q. Calculate the quantity of goods that the monopolist will sell at the market equilibrium and the price it will charge. Round your answer to one decimal place. Equilibrium quantity: 62.2. (Round your answer to one decimal place and use in subsequent calculations). Equilibrium price: 186.6. (Round your answer to one decimal place and use in subsequent calculations). Calculate the deadweight loss of this monopoly. (Round your answer to two decimal places; Hint: be careful not to round the competitive quantity). Now suppose that a 24% ad valorem tax is applied to the consumers in this market. Calculate the after-tax market equilibrium. Enter each of your answers rounded to the second decimal place. Equilibrium quantity: units. (Round your answer to one decimal place and use in subsequent calculations). Price consumers pay: $ (Round your answer to one decimal place and use in subsequent calculations). Price monopolist receives: $ (Round your answer to one decimal place and use in subsequent calculations). Calculate the deadweight loss of this market after the tax is imposed. . (Round your answer to two decimal places; Hint: be careful not to round the competitive quantity).
[Q: 11-1659212] Suppose a single-price monopolist faces an inverse demand curve given by: P(Q) = 311- 2Q and has a marginal cost curve given by MC(Q) = Q. Calculate the quantity of goods that the monopolist will sell at the market equilibrium and the price it will charge. Round your answer to one decimal place. Equilibrium quantity: 62.2. (Round your answer to one decimal place and use in subsequent calculations). Equilibrium price: 186.6. (Round your answer to one decimal place and use in subsequent calculations). Calculate the deadweight loss of this monopoly. (Round your answer to two decimal places; Hint: be careful not to round the competitive quantity). Now suppose that a 24% ad valorem tax is applied to the consumers in this market. Calculate the after-tax market equilibrium. Enter each of your answers rounded to the second decimal place. Equilibrium quantity: units. (Round your answer to one decimal place and use in subsequent calculations). Price consumers pay: $ (Round your answer to one decimal place and use in subsequent calculations). Price monopolist receives: $ (Round your answer to one decimal place and use in subsequent calculations). Calculate the deadweight loss of this market after the tax is imposed. . (Round your answer to two decimal places; Hint: be careful not to round the competitive quantity).
Chapter1: Making Economics Decisions
Section: Chapter Questions
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![[Q: 11-1659212] Suppose a single-price monopolist faces an inverse demand curve given by:
P(Q) = 311 - 2Q
and has a marginal cost curve given by MC(Q) = Q
Calculate the quantity of goods that the monopolist will sell at the market equilibrium and the price it will charge. Round your answer to one decimal place.
Equilibrium quantity: 62.2. (Round your answer to one decimal place and use in subsequent calculations).
Equilibrium price: 186.6. (Round your answer to one decimal place and use in subsequent calculations).
Calculate the deadweight loss of this monopoly. | (Round your answer to two decimal places; Hint: be careful not to round the competitive quantity).
Now suppose that a 24% ad valorem tax is applied to the consumers in this market. Calculate the after-tax market equilibrium. Enter each of your answers rounded to the second decimal place.
Equilibrium quantity:
units. (Round your answer to one decimal place and use in subsequent calculations).
Price consumers pay: $
(Round your answer to one decimal place and use in subsequent calculations).
Price monopolist receives: $: (Round your answer to one decimal place and use in subsequent calculations).
Calculate the deadweight loss of this market after the tax is imposed. . (Round your answer to two decimal places; Hint: be careful not to round the competitive quantity).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3ce5395d-916a-4f1e-b54f-d4a669a0f6c8%2F20b184e8-0dc5-445b-8b00-8aef5103dd4e%2Fox4u4ar_processed.png&w=3840&q=75)
Transcribed Image Text:[Q: 11-1659212] Suppose a single-price monopolist faces an inverse demand curve given by:
P(Q) = 311 - 2Q
and has a marginal cost curve given by MC(Q) = Q
Calculate the quantity of goods that the monopolist will sell at the market equilibrium and the price it will charge. Round your answer to one decimal place.
Equilibrium quantity: 62.2. (Round your answer to one decimal place and use in subsequent calculations).
Equilibrium price: 186.6. (Round your answer to one decimal place and use in subsequent calculations).
Calculate the deadweight loss of this monopoly. | (Round your answer to two decimal places; Hint: be careful not to round the competitive quantity).
Now suppose that a 24% ad valorem tax is applied to the consumers in this market. Calculate the after-tax market equilibrium. Enter each of your answers rounded to the second decimal place.
Equilibrium quantity:
units. (Round your answer to one decimal place and use in subsequent calculations).
Price consumers pay: $
(Round your answer to one decimal place and use in subsequent calculations).
Price monopolist receives: $: (Round your answer to one decimal place and use in subsequent calculations).
Calculate the deadweight loss of this market after the tax is imposed. . (Round your answer to two decimal places; Hint: be careful not to round the competitive quantity).
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