The figure at right shows the demand line, marginal revenue line, and cost curves for a single-price monopolist. Now suppose the monopolist is able to charge a different price on each different unit sold. 200 The profit-maximizing quantity for the monopolist is 400. (Round your response to the nearest whole number.) 180 160- MC The price charged for the last unit sold by this monopolist is s(450 (Round your 140 response to the nearest dollar) 2 120, ATC The monopolist's profit is $ 50. (Round your response to the nearest dollar) 100- 80 60- 40- 20- MR D- O 76 150 225 300 375 450 52s 600 675 750 Quantity

The figure at right shows the demand line, marginal revenue line, and cost curves for a single-price monopolist. Now suppose the monopolist is able to charge a different price on each different unit sold. 200 The profit-maximizing quantity for the monopolist is 400. (Round your response to the nearest whole number.) 180 160- MC The price charged for the last unit sold by this monopolist is s(450 (Round your 140 response to the nearest dollar) 2 120, ATC The monopolist's profit is $ 50. (Round your response to the nearest dollar) 100- 80 60- 40- 20- MR D- O 76 150 225 300 375 450 52s 600 675 750 Quantity

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The figure below represents the demand and cost functions facing a Belarusian monopolist producing mineral fertilizer. 1) If it were unable to export, and was constrained by its domestic market, what quantity would it sell at what price? 2) How much is the international price and what quantity is produced? 3) The Belarusian firm is charging its foreign (Russian) customers one half the price it is charging its domestic customers. Is this good or bad for the real income or economic welfare of Russia? 4) Is this predatory behavior on the part of the Belarusian mineral fertilizer company? Is the Belarusian firm engaged in dumping? Please explain Dumping by Monopolist Price 20 MC 16 Dfor = MRfor 10 Ddom MRdom Quantity 10 20
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d) If a price ceiling of $17.50 is imposed by the government on the monopolist, estimate (based on the graph) the quantity that the monopolist will produce. In this case, does the price ceiling in a monopoly improve economic efficiency or not? e) Supposed that instead of a regular monopoly, the graph above pertains to a natural monopoly, what change must be made to the graph to depict a natural monopoly?
9. The kinked demand curve Wilke is a manufacturer in the oligopolistically competitive market for footballs. Two other manufacturers, Rawlding and Spaldon, compete with Wilke for football consumers. Wilke faces the kinked demand curve for footballs depicted on the graph. Initially, Wilke charges $30 per football, producing and selling 7 million footballs per year. PRICE (DOLLARS PER BALL) 36 35 34 33 32 31 30 29 28 27 28 5 в 7 8 FOOTBALLS (Millions of balls) 9 10 ? As an oligopolist, Wilke is a price maker. If Wilke raises the price of its football from $30 to $32 per ball, the quantity of Wilke footballs demanded million footballs per year. If Wilke reduces the price of its football from $30 to $28 per ball, the quantity of footballs demanded million footballs per year. (Hint: Mouse over the points on the graph to see their coordinates.) by by If Wilke lowers the price of its football below $30, the kinked demand curve model suggests that Rawlding and Spaldon will respond by
A monopolist has a constant marginal cost of production. Its total revenue function is given by the following table. Quantity Total Revenue ($) (units) 1 68 2 108 3 142 170 5 192 6. 208 7 218 If the monopolist finally chooses to produce 4 units, the marginal cost must be strictly greater than $[ Answer ]. (In integers, please.) 4-
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10 8 7 5678 Price = 10, Quantity = 5 Price = 3, Quantity = 5 MC Price = 8, Quantity = 7 Q If the monopolist depicted in the above figure is maximizing profits, the correct price/output combination will be: Price = 6, Quantity = 6 ATC D
Consider a monopolist that has costs C = 250 + 30 Q + .1Q2 with two types of consumers: Q1 = 1000 – .5 P1 Q2 = 1500 – 2P2 a) How much will this firm offer to the market, what is the price charged to consumers, and what are the profits of the firm if this is a pure monopolist and treats consumers as one market? b) How much will this firm offer to the market, what is the price charged to consumers, and what are the profits of the firm if this is a perfect price discriminator? c) How much will this firm offer to the market, what is the price charged to consumers, and what are the profits of the firm if this is an imperfect price discriminator that can distinguish between type 1 and type 2 consumers?
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The figure on the right shows the demand schedule for a product produced by a single-price monopolist. Price ($) 10 987654 Quantity demanded A. 9; 10; -1 B. 40; 45; 5 C. 36; 41; 5 D. 5; 4; 1 E. 15; 15; 0 4 567892 10 Using the graph on the right, suppose this single-price monopolist is initially selling 4 units at $10 each and then reduces the price of the product to $9. By making this change, the firm is giving up revenue of Its and gaining revenue of marginal revenue is therefore (All figures are dollars.) Price ($) 141 13- 12- 11- 10- 9- 6- 5- 4- 3- 2- 1- -N 4 5 6 7 8 9 10 11 12 13 14 15 16 Quantity Q Q