Suppose that a monopolist's market demand is given by P = 180-2Q and that marginal cost is given by MC = Q/2 a. Sketch this market. Be sure to label the axes and any line (or curve) that you draw. b. Calculate the profit - maximizing monopoly price and quantity. Round the P and Q to the nearest tenth. Show these points on the graph. c. Calculate the price and quantity under perfect competition with a supply curve P = Q/2. Round the P and Q to the nearest tenth. Show these points on the graph. d. What is the consumer surplus (CS) and producer surplus (PS) for both monopoly and perfect competition? Note: use the P and Q rounded to the nearest tenth to calculate CS and PS, and round the CS and PS to the nearest integer). e. What is the deadweight loss due to monopoly? Round to the nearest integer.

Bags/Participants Fixed Cost Variable Cost Total Cost 0 $1,700 $ - $1,700 100 $1,700 $500 $2,200 200 $1,700 $1,200 $2,900 300 $1,700 $2,700 $4,400 400 $1,700 $5,200 $6,900 500 $1,700 $9,000 $10,700 600 $1,700 $15,000 $16,700 700 $1,700 $23,800 $25,500 800 $1,700 $36,800 $38,500 900 $1,700 $55,800 $57,500 1,000 $1,700 $83,000 $84,700   Given the above information on cost, if you charge $15 per entry, what is the breakeven quantity of bags that you should order?  At what quantity of bags will profits be maximized? A   Use the profit maximizing rule, MR ≥ MC, buy 300 bags. B   Use the profit maximizing rule, MR ≥ MC, buy 200 bags. C   Use Qb = F/(MR-AVC) where Qb is the breakeven quantity to be determined, the optimal quantity of bags is 300. D   Use Qb = F/(MR-AVC) where Qb is the breakeven quantity to be determined, the optimal quantity of bags is 200.

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Convert 22.4 m/sec to mi/hr