Draw the demand, marginal costs and revenue on the same graph and show the consumer surplus, producer surplus and deadweight loss on the graph.
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Draw the demand, marginal costs and revenue on the same graph and show the
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- What is meant by consumer surplus and producer surplus? Using a diagram show that there is a deadweight loss to society from monopoly in terms of total surplus.The graph shows the demand, marginal revenue, and marginal cost for the sole producer of pink glitter roses. 1. A competitive firm produces ___ roses per hour and prices the roses at $___ per rose. 2. The consumer surplus is $___ and the producer surplus is $___ 3. A non-competitive firm produces ___ roses per hour and prices the roses at $___ per rose. 4. The consumer surplus is $___ and the producer surplus is $____. The deadweight loss that arises is $____.Draw both the market structure in the same graph and show me the consumer surplus for perfectly competitive market and monopoly.
- K Big Top is the only circus in the nation. The graph shows its demand curve and marginal cost curve. Draw the marginal revenue curve Label it Draw a point at the firm's profit-maximizing output and price Draw a shape to show the consumer surplus Label it CS Draw a shape to show the producer surplus Label it PS S Consumer surplus equals and producer surplus equals s >>> Answer to 2 decimal places When the firm maximizes profit, the circus is OA. efficient, marginal revenue equals marginal cost OB. inefficient, marginal benefit exceeds marginal revenue OC. efficient, the marginal benefit from an additional ticket is greater than its marginal cost OD. inefficient, the marginal benefit from an additional ticket is greater than its marginal cost OE. inefficient, marginal revenue equals marginal cost because 1 50- 45- 40 35 30- 25 20- 15- 10- 5+ 0+ 0 Price and cost (dollars per ticket) D MC 100 200 300 400 500 600 700 800 900 Quantity (tickets per show) >>> Draw only the objects specified…Tecky Corp is a monopoly in the market of product Y. Suppose you are the marketing manager of Tecky Corp. You have gathered some information about product Y and the cost of Tecky Corp. as shown in the table below. Total cost $ Unit Price $ Total revenue $ Quantity 300 1 680 680 430 560 1,120 592 440 1,320 3 792 4 370 1,480 1,024 1,400 280 1,304 1,260 210 1,626 1,050 150 2,025 100 800 2,432 You are in a meeting with the CEO of Tecky Corp. The CEO asks the following question A. during the meeting: "We should be able to get more revenue as we sell more units. I see the total revenue rises from the quantity of 1 to 4. However, why does the total revenue start falling from the quantity of 5 onward?" Explain to the CEO why this is the case.Can you help me to draw a graph too. When Big Top maximizes profit, what is the consumer surplus and producer surplus and is the circus efficient? Explain why or why not. Price Quantity Total Cost Total Revenue Marginal Revenue Marginal Costs 20 0 1,000 0 0 0 18 100 1,600 1,800 18 6 16 200 2,200 3,200 14 6 14 300 2,800 4,200 10 6 12 400 3,400 4,800 6 6 10 500 4,000 5,000 2 6 8 600 4,600 4,800 -2 6 6 700 5,200 4,200 -6 6 4 800 5,800 3,200 -10 6
- What is the quantity that maximizes social surplus? Explain. How much worse off is society as a result of this industry being monopolized? Show this on a graph and calculate the amount. Info needed in image belowq19- Bestway pet grooming are the only dog groomers in a Smalltown, they have a thriving business charging $30 per dog washed and groomed. A dog groomer from a neighbouring town sees an opportunity to expand their business and starts offering dog grooming in Smalltown. What will be the impact on Bestway? Select one: a. Consumer and producer surplus will both increase b. A new firm in the market will increase competition and decrease producer surplus for Bestway dog grooming c. They will increase their sales and producer surplus d. Consumers will have longer wait times, as dog grooming demand will increasePlease find and show deadweight loss on the graph.
- write one to two pages : Describe in your own words the concept of market powerHenry Potter owns the only well in town that produces clean drinking water. He faces the following demand, marginal revenue, and marginal cost curves:Demand: P = 70 – QMarginal revenue: MR = 70 – 2QMarginal cost: MC = 10 + Qa) Graph these three curves. Assuming that Mr. Potter maximizes profit, what quantity does he produce? What price does he charge? Show these results on your graph.b) Mayor George Bailey, concerned about water consumers, is considering a price ceiling that is 10 percent below the monopoly price derived in part (a). What quantity would be demanded at this new price? Would the profit-maximizing Mr. Potter produce that amount? Explain. (Hint: Think about marginal cost.)c) George’s Uncle Billy says that a price ceiling is a bad idea because price ceilings cause shortages. Is he right in thiscase? What size shortage would the price ceiling create? Explain.d) George’s friend Clarence, who is even more concerned about consumers, suggests a price ceiling 50 percent below…Draw the graph for a monopoly earning a positive economic profit. Suppose the government institutes a per unit tax on the good produced by the monopoly (consider the impact it will have on the cost curves). On the graph, show how this will affect the monopoly’s profit maximizing level of output and the price charged by the monopoly. Draw and Label Price Axis, Quantity Axis, Demand Curve, Marginal Revenue Curve, Marginal Cost Curve, Average Total Cost Curve, New Marginal Cost Curve, New ATC Curve, Qm, MR=MC, MR=MC1 Qm1, Pm, Pm1, ATC point, ATC1 point, Deadweight Loss, Total Revenue, Total Cost, Profit