Please do not answer question in image. Please draw graph as a supply and demand graph with all details. Calculate CS for Monopoly Calculate PS for Monopoly:Calculate DWL 1.Consider the MONOPOLY depicted where demand is given by Pb = 116 - 3 Qb and theMonopolist's MC = 22. What price would prevail if the monopoly was broken up into acompetitive industry?Answer: your answerPrice ($)$120$ 100$80$ 60$40$20$0-0[CCCCCCCCCCOrigin015Demand10Submitcccccccccco15Marg. Rev.20Quantity25Mon. Eqm30MC3540

Consumer Surplus: Consumer surplus is the net benefits that the consumer receives by purchasing…

Answered: Please do not answer question in image.…

Please do not answer question in image. Please draw graph as a supply and demand graph with all details. Calculate CS for Monopoly Calculate PS for Monopoly: Calculate DWL

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please do not answer question in image. Please draw graph as a supply and demand graph with all details.
Calculate CS for Monopoly Calculate PS for Monopoly:
Calculate DWL

1.
Consider the MONOPOLY depicted where demand is given by Pb = 116 - 3 Qb and the
Monopolist's MC = 22. What price would prevail if the monopoly was broken up into a
competitive industry?
Answer: your answer
Price ($)
$120
$ 100
$80
$ 60
$40
$20
$0-
0
[CCCCCCCCCC
Origin
01
5
Demand
10
Submit
cccccccccco
15
Marg. Rev.
20
Quantity
25
Mon. Eqm
30
MC
35
40

Definition Definition Market structure in which a single company dominates the entire industry. In a monopoly market, there are no close substitutes for the goods and services offered by the monopoly.

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