Marginal revenue and marginal cost curves

Assignment Help Business Management
Reference no: EM131423685

Suppose that a monopoly faces a demand curve P=30-2Q and its marginal cost curve is MC=Q .

(a) Plot the average revenue, marginal revenue and marginal cost curves for this monopoly.

(b) Find the profit maximizing price and output for this monopoly.

(c) Find the consumer surplus, the producer surplus, the total surplus and the deadweight loss in the (monopolized) market.

(d) Find the competitive price and quantity (as if the above marginal cost curve represents the market supply curve).

(e) Find the consumer surplus, the producer surplus and total surplus in the competitive market.

(f) Plot a graph on which you illustrate the monopoly equilibrium, the competitive equilibrium and the deadweight loss due to the monopoly.

Reference no: EM131423685

Questions Cloud

Comment on appropriateness of t procedures for given data : Given the coarseness of the rating, the owner of the Sir Beef-a-lot chain considers only a difference in the means of at least 0.25 units as meaningful.
Issues in the natural human world based on articulating : How does this reference for a journal article need to be changed to be properly formatted according to APA style - issues in the natural human world based on articulating one's identity in a global context.
Problem regarding the monopolistic market : Consider the market for scooters. Suppose it is a (single-price)monopolistic market. The market demand for scooters is given by the equation PD(Q) = 100-8Q.  The firm faces costs given by the total cost function TC(Q)=3Q² + 34Q +10 and marginal co..
Describe the checks and balances in the design process : What is included in the establishment of a "functional" baseline? "allocated" baseline? "product" baseline? Why is baseline management important?
Marginal revenue and marginal cost curves : Suppose that a monopoly faces a demand curve P=30-2Q and its marginal cost curve is MC=Q. (a) Plot the average revenue, marginal revenue and marginal cost curves for this monopoly.
Describe what is meant by artificial intelligence : Select a system of your choice (describing the tasks in design), and develop a flowchart showing the application of CAD (or equivalent) as it should be implemented.
Describe an important challenge facing management : Describe an important challenge facing management of health care organizations today. How would you go about addressing it
Do you believe that trait theories such as five factor model : Do you believe that the trait theories such as the Five Factor model do a good job explaining the differences between people in their personality characteristics?
Term state mean in international relations : What does the term state mean in international relations? What are the characteristics of a state? Why and how have nation-states been important in the history of international relations?

Reviews

Write a Review

Business Management Questions & Answers

  Identify the current mission statement and short term goals

Identify the current mission statement, short term, and long term goals. Recommend potential additions/deletions to each. Strategic implications of organizational objectives, structure and processes.

  Why are some managers powerless

Managers should have plenty of power but some are incapable of getting subordinates to do what they want. Why?

  Trends in globalization and diversity

Identify and considering some of the trends in globalization and diversity, what will be the three biggest challenges facing CEOs in the next five years, and why? (Major posts should be about 500 words, and peer posts should be at least 250 words)..

  Which type of project planning methodology you recommend

Outline which type of data communications you recommend are needed for your project. Describe which type of project planning methodology you would recommend for your project.

  Power leadership amp influencerecommend the most effective

power leadership amp influencerecommend the most effective type of power that would provide good leadership for the

  Teach a cooking class to three students

Chef Jacquie is scheduled to teach a cooking class to three students. The class tuition is $1,100 per student. In the class each student cooks a French meal under Jacquie's expert supervision, and receives a cookbook

  Indifference curves and budget constraint

Leo consumes only apples and bananas. He prefers more apples to fewer, but he gets tired of bananas. If he consumes fewer than 24 bananas per week, he thinks that 1 banana is a perfect substitute for 1 apple. But you would have to pay him 1 apple ..

  Transformational leadership vs. transactional leadership

As a leader what would you say is the most important difference between transformational leadership and transactional leadership

  Explain and describe one type of business

Explain and describe one type of business that might be most successful using an export-based strategy, and one type of business that might be most successful using equity investment overseas and explain why each would be successful using the give..

  Database administrator for an organization

You were recently hired as a database administrator for an organization who cannot afford to have any downtime. You have been asked to develop a plan for monitoring SQL Server databases.

  Despite no scientific or empirical data to support the trait

Despite no scientific or empirical data to support the trait approach to leadership, many still believe there is an association between leadership behavior and certain traits. Why do you think these beliefs persist? In what ways is the use of ..

  Popular in training departments

What are competencies and why are they popular in training departments? How are competency models related to job analysis?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd