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Suppose that a monopolists market demand is given by P = 100 - ?2Q and that marginal cost is given by MC = Q/2.
a)Calculate the profit-maximizing monopoly price and quantity.
b)Calculate the price and quantity that arise under perfect competition with a supply curve P = Q/2.
c)Compare consumer and producer surplus under monopoly versus marginal cost pricing. What is the deadweight loss due to monopoly?
d)Suppose market demand is given by P = 180? - 4Q. What is the deadweight loss due to monopoly now? Explain why this deadweight loss differs from that in part (c).
Consider the production of textiles. To make textiles, it takes cotton (C, measured in pounds) and it takes labor (L, measured in man-hours). The total yards of fabric (F) produced is given by the production function F=L*(C^.5). If you currently h..
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Find the price P in the Cournot equilibrium ( assume that ci ' s are such that all firms produce a positive amount and that the second order conditions are satisfied). If all firms have the same marginal cost ci=c, what is the price when n=1 and w..
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