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Suppose the market demand function (expressed in dollars) for a normal product is P=80-q, and the marginal cost (in dollars) of producing it is MC=1q, where P is the price of the product and q is the quantity demanded and/or supplied.
(a) Compute the consumer surplus and the producer surplus assuming this same product was supplied by a monopoly. (Hint: The marginal revenue curve has twice the slope of the demand curve)
(b) Show that when this market is controlled by a monopoly, producer surplus is larger, consumer surplus is smaller, and the sum of the two surpluses is smaller than when the market is controlled by competitive industry.
What is the cost to government for imposing the estate tax and what is the cost to the taxpayer for imposing the estate tax on him?
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