Question 10 Questions 10 & 11 A firm has a monopoly on the market for temporary medical prostheses. It has two production locations. Plant 1 has MC₁ = 4Q1, and Plant 2 has MC2 = Q2. The monopolist wants to produce 1000 units of output in the upcoming year. The monopolist will use both plants to produce. How will it distribute production across plants? What share of the total will it produce at location 1? 0.33 0.25 0.50 0.20 Question 11 How much in total will the firm produce at Plant 1? Question 12 Consider the example markets given below. In each case, assess whether a monopoly is welfare-improving compared to a competitive market arrangement. ⚫ Local electricity provision •Welfare-enhancing with a monopoly? Yes or No: Computer operating systems • Welfare-enhancing with a monopoly? Licensing board for physicians Yes or No •Welfare-enhancing with a monopoly? Yes or No Drug research and production • Welfare-enhancing with a monopoly? Yes or No Consumer market for gem stones • Welfare-enhancing with a monopoly? [Select]
Question 10 Questions 10 & 11 A firm has a monopoly on the market for temporary medical prostheses. It has two production locations. Plant 1 has MC₁ = 4Q1, and Plant 2 has MC2 = Q2. The monopolist wants to produce 1000 units of output in the upcoming year. The monopolist will use both plants to produce. How will it distribute production across plants? What share of the total will it produce at location 1? 0.33 0.25 0.50 0.20 Question 11 How much in total will the firm produce at Plant 1? Question 12 Consider the example markets given below. In each case, assess whether a monopoly is welfare-improving compared to a competitive market arrangement. ⚫ Local electricity provision •Welfare-enhancing with a monopoly? Yes or No: Computer operating systems • Welfare-enhancing with a monopoly? Licensing board for physicians Yes or No •Welfare-enhancing with a monopoly? Yes or No Drug research and production • Welfare-enhancing with a monopoly? Yes or No Consumer market for gem stones • Welfare-enhancing with a monopoly? [Select]
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![Question 10
Questions 10 & 11
A firm has a monopoly on the market for temporary medical prostheses. It has two
production locations. Plant 1 has MC₁ = 4Q1, and Plant 2 has MC2 = Q2. The
monopolist wants to produce 1000 units of output in the upcoming year.
The monopolist will use both plants to produce. How will it distribute production
across plants? What share of the total will it produce at location 1?
0.33
0.25
0.50
0.20
Question 11
How much in total will the firm produce at Plant 1?
Question 12
Consider the example markets given below. In each case, assess whether a
monopoly is welfare-improving compared to a competitive market arrangement.
⚫ Local electricity provision
•Welfare-enhancing with a monopoly? Yes or No:
Computer operating systems
• Welfare-enhancing with a monopoly?
Licensing board for physicians
Yes or No
•Welfare-enhancing with a monopoly? Yes or No
Drug research and production
•
Welfare-enhancing with a monopoly? Yes or No
Consumer market for gem stones
• Welfare-enhancing with a monopoly? [Select]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fce119bbe-96c2-47b3-adc6-74876a37b6e1%2Ff0fee10e-1abe-41ae-909d-5b1d19a1106d%2Fkfp11bo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question 10
Questions 10 & 11
A firm has a monopoly on the market for temporary medical prostheses. It has two
production locations. Plant 1 has MC₁ = 4Q1, and Plant 2 has MC2 = Q2. The
monopolist wants to produce 1000 units of output in the upcoming year.
The monopolist will use both plants to produce. How will it distribute production
across plants? What share of the total will it produce at location 1?
0.33
0.25
0.50
0.20
Question 11
How much in total will the firm produce at Plant 1?
Question 12
Consider the example markets given below. In each case, assess whether a
monopoly is welfare-improving compared to a competitive market arrangement.
⚫ Local electricity provision
•Welfare-enhancing with a monopoly? Yes or No:
Computer operating systems
• Welfare-enhancing with a monopoly?
Licensing board for physicians
Yes or No
•Welfare-enhancing with a monopoly? Yes or No
Drug research and production
•
Welfare-enhancing with a monopoly? Yes or No
Consumer market for gem stones
• Welfare-enhancing with a monopoly? [Select]
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