The graph illustrates a monopoly with constant marginal cost and zero fixed cost. Place the shapes on the graph to show the profits and deadweight loss (DWL) for this firm. 18 17 I Profits 16 15 A DWL 14 13 12 11 10 8. 7 6. 4 3 MC 1 -1 \MR -2 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Quantity Price ($)

The graph illustrates a monopoly with constant marginal cost and zero fixed cost. Place the shapes on the graph to show the profits and deadweight loss (DWL) for this firm. 18 17 I Profits 16 15 A DWL 14 13 12 11 10 8. 7 6. 4 3 MC 1 -1 \MR -2 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Quantity Price ($)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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120 110 100 90 80 70 $ per unit 60 50 % 40 ATC MC 30 20 10 0 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 Quantity D MR Consider the cost curves of a natural monopoly along with its demand and marginal revenue curves shown in the graph above. What aspect of the graph results in us denoting this as a "natural" monopoly? Marginal cost is upward sloping Marginal cost intersect average total cost at the minimum average total cost Demand intersects the downward sloping portion of average total cost Monopolist makes a profit when marginal revenue is equal to marginal cost
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11. In a particular industry the minimum value of long run average cost is reached when a firm produces 1,000 units of output per period. At this output rate, long run average cost is $ı per unit of output. The market demand curve for this product is as follows: Price Quantity $3.00 1,000 8,000 12,000 20,000 2.00 1.00 .50 Is this industry a natural monopoly? Why or why not?
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