Please hand written solutions are strictly prohibited. *Use the graph to answer Questions Q7 through Q18. The graph represents the market situation that amonopolist faces. Use the graph to answer the following questions.$100$90$80$70$60$50$40$30$20$10$0MR10Q7 What quantity will the monopolist produce?a) 0b) 6c) 9d) 10Q10 What is the consumer surplus?a) $202.5b) $270c) $90d) $45Output QuantityQ8 What price will the monopolist charge?a) $100Q11 What is the deadweight loss?a) $202.5b) $270c) $90d) $4515MCb) $70c) $55d) $40*For next three questions, check out the YouTube demonstration here:Q9 What is the producer surplus (i.e. monopolist's profit)?a) $202.5b) $270c) $90d) $45D20

Monopoly : A monopoly describes a market situation where one company owns all the market share and…

*Use the graph to answer Questions Q7 through Q18. The graph represents the market situation that a monopolist faces. Use the graph to answer the following questions. $100 $90 580 $70 $60 $50 $40 $30 $20 $10 SO MR 10 c) $55 d) $40 Output Quantity Q7 What quantity will the monopolist produce? a) 0 b) 6 c) 9 d) 10 Q8 What price will the monopolist charge? a) $100 b) $70 15 MC D 20

*Use the graph to answer Questions Q7 through Q18. The graph represents the market situation that a monopolist faces. Use the graph to answer the following questions. $100 $90 580 $70 $60 $50 $40 $30 $20 $10 SO MR 10 c) $55 d) $40 Output Quantity Q7 What quantity will the monopolist produce? a) 0 b) 6 c) 9 d) 10 Q8 What price will the monopolist charge? a) $100 b) $70 15 MC D 20

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter24: Perfect Competition

Section: Chapter Questions

Problem 10E

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For each of the following separate parts, you are required to draw a graph. (a) The market for apples is perfectly competitive. The market price is high such that a firm in the market makes profit. Draw a graph of an individual firm. Your graph should include MC, MR and ATC. You should also indicate profit-maximizing quantity and the maximized profit. (b) Firm C is a monopolist firm, and firm C makes a profit. Draw a graph for firm C. Your graph should include MC, MR, demand curve and the ATC. You should also indicate the maximized profit.(c) Based on the following graph, draw the curves MC, ATC and AVC. (Put all 3 curves on the same graph.) Mark the value of Q where MC is at its minimum.
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q19- Bestway pet grooming are the only dog groomers in a Smalltown, they have a thriving business charging $30 per dog washed and groomed. A dog groomer from a neighbouring town sees an opportunity to expand their business and starts offering dog grooming in Smalltown. What will be the impact on Bestway? Select one: a. Consumer and producer surplus will both increase b. A new firm in the market will increase competition and decrease producer surplus for Bestway dog grooming c. They will increase their sales and producer surplus d. Consumers will have longer wait times, as dog grooming demand will increase
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ASAP
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