(For this question you have 9 attempts - You may think of this as having 3 attempts for each subpart) Suppose aggregate demand is given by Q(p) = 37 5P and that consumers in this market are served by a monopoly producer with a cost function of a. Solve for the monopoly quantity. b. Solve for the monopoly price. c. Solve for the monopoly profit. C(q) = 126+2q + 1q2 дм =
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- You are the manager of a monopoly, and your analysts have estimated your demand and cost functionsas P = 300 − 3Q and C(Q) = 2, 000 + 2Q2, respectively.(a) What price-quantity combination maximizes your firm’s profits?(b) Calculate the maximum profits.(c) Is demand elastic, inelastic, or unit elastic at the profit maximizing price-quantity combination?(d) What price-quantity combination maximizes revenue?(e) Calculate the maximum revenues.(f) Is demand elastic, inelastic, or unit elastic at the revenue maximizing price-quantity combination?Mustapha maintains a monopoly in the holographic TV market because of its patent, but it is about to expire. The market demand and Mustapha's production cost are given by: P = 100 -0.50 and TC = 100+ 0.5Q² The market price is decimal place). The market quantity is or decimal place). The monopoly profit is sign, comma or decimal place). (please put your answer in numerical values without any dollar sign, comma or (please put your answer in numerical values without any comma (please put your answer in numerical values without any dollarA monopoly that produces beer has estimated the following demand function: 1 p(q) = 300 q + 20t 3000 The variables are defined as follows: p is the price of a liter of beer, q is production, and t is the monthly average temperature in degrees centigrade. The estimated cost of producing a liter of beer is $12. Below is a table with the average temperature recorded in Arizona during March and April. Month Temperature March 35 April 38 a) Find the optimal price for the monopolist in each month b) Calculate the Mark-up for April and according to it estimate the elasticity of demand. Comment on the results. C) Determine the efficiency loss in the month of March.
- Question 2 Alice is the monopoly producer for DrinkMeTM, a magical potion that makes you shrink in size. Market demand for this potion is given by p = 60 - 3Q and Alice's costs of production are C(q) = 12g. Please calculate the following quantities. %3D %3D a) Monopoly price, quantity and profits b) The fair market price in perfect competition c) The welfare loss which occurs due to the monopoly"Vitamin Strong" has the monopoly on the production of vitamin C. It faces geographically separated markets, denoted A and B. The demand on these two markets are respectively QA = 1-PA and QB = 0.5 - PB. The transport and production costs are zero for simplicity. Suppose that the firm chooses to set a local prices for each of the two markets. In this case the optimal prices are PA = and PB=... and would supply A-- and QB=_______ (All numeric ==== answers rounded to two decimals) Blank # 1 Blank # 2 Blank # 3 Blank # 4 N N N AA market analysis employed by the “Sad Student Company” reveals that the number oflots of the game named “Handsome Killer: Revenge of the Teacher” ordered by thewholesalers when the game is offered at a price of dollars per lot is given by the formula:p=1500-2.5qa) Find the company’s total, marginal and average revenues b) Find the price and quantity maximizing the total revenue by first expressing therevenue as a function of price rather than of quantity
- Your mom is the monopoly supplier of jokes in (humorless) Ho Hum. She faces a demand curve and a marginal cost curve given by following equations Demand: Q = 100 – 0.19P jokes per day Marginal Cost: MC= 80 dollars per joke Assume that jokes are perfectly divisible.Let be a monopoly whose total cost function is such that C(Q) = 2Q. The (inverse) demand in this market is given by P(Q) = 16 - Q. Which one is right ? a. If the monopoly maximizes its profit, Dead load of the monopoly is 32.5 b. If the monopoly maximizes its profit . Dead load of the monopoly is 24.5 c. If the monopoly maximizes its profit. Dead load of the monopoly is 35 d. None of these statements is correct e. If monopoly maximizes its profit The dead load of monopoly is 28.5Consider the relationship between monopoly pricing and the price elasticity of demand. If demand is inelastic and a monopolist raises its price, quantity would fall by a percentage than the rise in price, causing profit to Therefore, a monopolist will produce a quantity at which the demand curve is elastic. Use the purple segment (diamond symbols) to indicate the portion of the demand curve that is inelastic. (Hint: The answer is related to the marginal- revenue (MR) curve.) Then use the black point (plus symbol) to show the quantity and price that maximizes total revenue (TR). (? 10 Demand Inelastic Demand 6 5 Max TR 3 2 1 -1 -2 Marginal Revenue -3 -4 1 2 3 4 5 7 8 9 10 Quantity
- A monopolist can produce at constant average and marginal costs of AC = MC = 5. The firm faces a market demand curve given by Q = 55 – P.(a) Calculate the profit-maximizing price-quantity combination for the monopolist. Also calculate the monopolist’s profits. Graph the relevant functions to illustrate these.(b) What output level would be produced by this industry under perfect competition (where price = marginal cost)? Indicate this on the graph.(c) Calculate the consumer surplus obtained by consumers in case (b). Show that this exceeds the sum of the monopolist’s profits and the consumer surplus received in case (a). What is the value of the deadweight loss from monopolisation? Indicate these on the graph. Please can you help with the graph, kind regardsIn British Columbia, Canada a company named after Tim Hortons runs a monopoly on a sweet snack called Timbits! Suppose the demand for Timbits is P=90-Q and the cost function is C-Q How much would the consumer surplus, producer surplus and DWL be in case Tim Hortons a single-price monopoly? Suppose Tim Hortons could install a device in its premises that could immediately 11) predict the willingness to pay of every unsuspecting customer entering its franchise premises and charge them that corresponding amount! Additionally, suppose they could also stop resale of products, and thus become a first degree price discriminatıng monopoly. How much would the consumer surplus, producer surplus and DWL be in this case?Assume inverse demand function for game console in an imaginary country is P=1200-4Q and the total cost function is TC=400+4Q2. Government put $120 of specific tax on production. If the market is competitive what is the incidence of tax on consumer? If the market is monopolist what is the incidence of tax on consumer?