Suppose that the graph below depicts a perfectly competitive market.       a. What are the equilibrium price and quantity and at equilibrium what is the value of the producer surplus,  the consumer surplus and the economic surplus?     Price: $        quantity:      producer surplus:  $    consumer surplus:$      economic surplus: $      b. What would be the monopolist’s price, quantity, producer surplus, consumer surplus, economic  surplus and deadweight loss?   Price: $      Quantity:      Producer surplus: $    Consumer surplus: $      Economic surpl

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Product and Price Bundling

Product and price bundling is used as a marketing strategy by businesses, where complementary products and services are combined and sold as a package deal. This bundled price is usually less than the total price of the individual products if they were to be sold separately. When bundled and sold, each product is sold at a reduced price. Using a price bundling strategy helps increase the average revenue per user and also increases the engagement with the user. This happens as the perceived value of the bundled products is more than the individual products.