1. A) Do you think Monopoly, Natural Monopoly and the regulatedmonopoly are same things.? Yes/No, explain your answers theoretically. Also,discuss why monopoly occurs.B)your answer theoretically and graphically.Does a monopolist firm always earn abnormal profit? Yes/ No. Explain

Monopoly exists when a firm or an individual is the only seller of the product, good or service. A…

Answered: . A) monopoly are same things.? Yes/No,…

. A) monopoly are same things.? Yes/No, explain your answers theoretically. Also, dicoure Do you think Monopoly, Natural Monopoly and the regulated dieguce

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. A) Do you think Monopoly, Natural Monopoly and the regulated
monopoly are same things.? Yes/No, explain your answers theoretically. Also,
discuss why monopoly occurs.
B)
your answer theoretically and graphically.
Does a monopolist firm always earn abnormal profit? Yes/ No. Explain

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19 Which of the following describes how a natural monopoly is graphically illustrated? A When producing small quantities, the demand is higher than long-run average cost. BO The long-run average cost curve is U-shaped. CO When producing large quantities, the long-run average cost is greater than demand. The demand curve intersects the long-run average cost curve at a point where the long-run average cost curve is downward sloping. D
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8. Can a monopolist that is not subject to any regulation lead the market to Pareto efficiency by his own initiative? Pareto efficiency is a situation that cannot be modified so as to make any one individual better off without making at least one individual worse off. In the model of monopoly, we assume that the ultimate goal of a monopolist is to maximize his profit, which means MC-MR. We have seen (for example, in the lecture or earlier problems, e.g., problem 5) that this equality leads the monopolist to produce less and charge a higher price than in perfect competition. This makes the monopolist better off but at the same time makes consumers worse off, as compared to perfect competition. This also leads to a deadweight loss. As we have the deadweight loss, the monopoly is definitely not Pareto efficient. See the lecture slide # 37. The transactions between Qm and Qk (quantities supplied in the monopoly and perfect competition, respectively) could take place to everyone's benefit,…
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. Until recently, the drug maker Pfizer enjoyed a monopoly of the cholesterol-control drug Lipitor because of patents rights. True or false
How is a legal monopoly different from a natural monopoly? In a legal monopoly, barriers to entry are created by the government. O In a legal monopoly, the monopolist has purchased the necessary certificate from the local government that allows the formation of a monopoly. A legal monopoly applies to government-run institutions, whereas a natural monopoly applies to all other resources O In a legal monopoly, the Federal Trade Commission has paid a firm to be the only producer of a product in a given area. JAN 12 MENU MacBook Air tv N A
Only need help with G
There is an efficiency in the monopoly market. Define why. Pls explain in easy words.
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The graph below depicts the demand curve facing a monopolist. The monopoly has constant marginal costs of $5. On the graph: A). Use the straight line tool to draw the marginal revenue curve. B) use the straight line tool to draw the marginal cost curve up to 60 units of output C) use the point tool to plot the profit maximization point on the demand curve.
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Many schemes for price discrimination involvesome cost. For example, discount coupons take upthe time and resources of both the buyer and theseller. This question considers the implications ofcostly price discrimination. To keep things simple,let’s assume that our monopolist’s production costsare simply proportional to output so that averagetotal cost and marginal cost are constant and equalto each other.a. Draw the cost, demand, and marginal-revenuecurves for the monopolist. Show the pricethe monopolist would charge without pricediscrimination.b. In your diagram, mark the area equal to themonopolist’s profit and call it X. Mark thearea equal to consumer surplus and call it Y.Mark the area equal to the deadweight loss andcall it Z.c. Now suppose that the monopolist can perfectlyprice discriminate. What is the monopolist’sprofit? (Give your answer in terms of X, Y,and Z.)d. What is the change in the monopolist’s profit fromprice discrimination? What is the change in totalsurplus from…