1. Serena is profit-maximizing monopolist selling of her own patented perfume, whose demand and marginal cost curves are as shown. Relative to the consumer surplus that would result at the perfectly competitive quantity and price, how much consumer surplus is lost from her selling at the monopolist's profit-maximizing quantity and price? $ per ounce 60 50 45 40 30 20 15 10 468 12 Ounces/day 16 MC D 24 2. In the first problem, how much total surplus would Serena have made if she acted as a perfectly price-discriminating monopolist? Show your work. 3. Explain the difference between the demand curve faced by a perfectly competitive firm and the demand curve faced by a monopoly. Draw both curves and explain why they are different. How do these demand curves cause marginal revenue to differ across the two types of firm? 4. Explain the incentives created by regulating a natural monopoly according to the second-best solution of P-ATC 5. Why might retailers pay their staff to hammer dings and dents into refrigerators and stoves?

Currently the market for domestic air travel in OzLand is a monopoly with Qanwings as the supplier.  A new supplier, Cheap Flights, enters the market.  Suppliers in the market compete by simultaneously choosing the quantity of flights they will supply.  Which of the following is most likely to occur after the entry of the new supplier to the market for domestic air travel? a.The total quantity of flights will increase. b.The total quantity of flights will not change. c.The total quantity of flights will decrease. d. It is not possible to say what will happen to the quantity of flights.

BYOB is a monopolist in beer production and distribution in the imaginary economy of Hopsville. Suppose that BYOB cannot price discriminate; that is, it sells its beer at the same price per can to all customers. The following graph shows the marginal cost (MC), marginal revenue (MR), average total cost (ATC), and demand (D) for beer in this market. Place the black point (plus symbol) on the graph to indicate the profit-maximizing price and quantity for BYOB. If BYOB is making a profit, use the green rectangle (triangle symbols) to shade in the area representing its profit. On the other hand, if BYOB is suffering a loss, use the purple rectangle (diamond symbols) to shade in the area representing its loss. 4.00 Esc 3.50 + PRICE (Dollars per can) 3.00 + 2.50 78°F Sunny 2.00 1.50 1.00 + MC 0.50 + F1 1 F2 Ö- @ ATC F3 0+ # F4 F5 ▬ Monopoly Outcome 0 Profit COL F6 Loss O F7 1 F8 n F9 F10 F11 F12 2 Fn Lock ( 1 6/2 Insert Prt Sc

Figure 94 Monopolist (dollars) 10 8 6 0 Quantity MC Refer to Figure 94. Suppose that the profit-maximizing/loss minimizing level of output is 40 units per day and the average fixed cost and average variable cost of producing this amount is $4 $7, respectively. (a) What is the total cost of producing 40 units per day? Show your work. (b) What is the total profit earned/loss incurred by producing 40 units per day? Show your work. (c) What price will the firm charge to maximize profit or minimize loss? (d) Should the firm shut down or continue to produce in the short run? Explain.

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8. Natural monopoly analysis The following graph shows the demand (D) for gas services in the imaginary town of Utilityburg. The graph also shows the marginal revenue (MR) curve, the marginal cost (MC) curve, and the average total cost (ATC) curve for the local gas company, a natural monopolist. On the following graph, use the black point (plus symbol) to indicate the profit-maximizing price and quantity for this natural monopolist. PRICE (Dollars per hundred cubic feet) 20 18 16 14 0 0 1 2 3 5 6 7 8 QUANTITY (Hundreds of cubic feet) MR 4 ATC MC 9 10 D Monopoly Outcome (? Which of the following statements are true about this natural monopoly? Check all that apply. In order for a monopoly to exist in this case, the government must have intervened and created it.

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1.     Calculate the profit-maximizing quantity and price for the non-student market. (attached Figure A: Non-Students)     2.     Calculate the profit-maximizing quantity and price for the student market. (attached Figure B: Students)     3.  Calculate the profit if the firm charges both the non-students and students the same price of $20. (attached Figure A: Non-Students and Figure B: Students)     4. Calculate the profit if the monopoly firm perfectly price discriminates. (attached Figure A: Non-Students and Figure B: Students)

Hot Air Balloon Rides is a single-price monopoly. Columns 1 and 2 of the table set out the market demand schedule and columns 2 and 3 set out Price Quantity Total cost (dollars per month) (dollars (rides the total cost schedule. per ride) per month) Suppose the government taxes Hot Air by S60 per ride. 250 20 Calculate Hot Air's new profit-maximizing quantity, price and economic profit. 230 100 ... 210 200 Hot Air's new profit-maximizing output is rides a month and the firm's profit-maximizing price is $a ride. >>> Answer to 1 decimal place. 190 3 320 170 4 460 150 620 When Hot Air produces the new profit-maximizing output and charges the profit-maximizing price, it of s >>> Answer to 1 decimal place. >>> If the firm incurs an economic loss, select economic loss in the dropdown box and do not enter a minus sign.

3. Using the cost curves for the monopolist (right), answer the questions 3a - 3d below: a. Indicate where the monopolist maximizes profits, output is equal to b. The monopoly price that maximizes profits is c. What is the maximum profit the firm can earn from its product? d. When the monopolist is maximizing total profit, the average total cost of producing that output level is? Price (dollars) 10 6 4 0 MR 6 Quantity T 11 ||| 8 9 10 MC ATC D