I need the full answers of all parts correct and fast please Question 1.Suppose that a monopoly firm supplies to two different markets with the demandfunctions:Market 1: q, = 100 – 2p1 +P2(1.1)Market 2: q2 = 150 + p1 – 3p2(1.2)(a) Derive the inverse demand functions for both markets, and explain therelationship between the demand for the two goods.Assume that the firm's cost function is (q1 + 92)².(b) Derive the profit-maximizing outputs, prices and the maximum profit. Show that itis true maximum.(c) Suppose there is a restriction of q2 < 20 in the market for good 2. What is theimpact on the firm's output in both the markets, as well as on the maximumprofit?Now suppose the firm has a resource constraint such that it can produce a maximum of40 units of both goods in total, i.e., q, + q2 5 40.(d) What is the impact on the firm's output in both markets, as well as on themaximum profit? Compare this result with those in parts (b) and (c) above.

Given , Market 1 Demand function : q1 = 100 - 2p1 + p2 Market 2 Demand function : q2 = 150 + p1 -…

Question 1. Suppose that a monopoly firm supplies to two different markets with the demand functions: Market 1: q1 = 100 – 2p1 + P2 (1.1) Market 2: q2 = 150 + P1 – 3p2 (1.2) (a) Derive the inverse demand functions for both markets, and explain the relationship between the demand for the two goods. Assume that the firm's cost function is (q, + q2)² .

Question 1. Suppose that a monopoly firm supplies to two different markets with the demand functions: Market 1: q1 = 100 – 2p1 + P2 (1.1) Market 2: q2 = 150 + P1 – 3p2 (1.2) (a) Derive the inverse demand functions for both markets, and explain the relationship between the demand for the two goods. Assume that the firm's cost function is (q, + q2)² .

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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