Answered: What would be the amount earned by a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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THREE PART PROBLEM! Answer all parts to solve!

What would be the amount earned by a single-price monopolist?

If the company is a perfectly price discriminating monopolist, what quantity will it provide and what will be the market’s consumer surplus?

A) Q = 500
CS = $6,250

B) Q = 360
CS = $9,720

C) Q = 480
CS = $4,320

D) Q = 360
CS = $3,240

E) Q = 500
CS = $0

F) Q = 480
CS = $0

CS=consumer surplus

In 1983, many courts ruled that taxi companies did not have the right to act as monopolies. If all barriers to entry are removed and the market for rides becomes perfectly competitive, what will the long-run price be?

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