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1. Consumers demand a system composed of one unit each of the two components R and U . Demand for the system composed is given by Q = 64 - P and P = PR + PU , and PR and PU are the prices of the components R and U . The supplier of R is a regulated monopolist whose marginal and average cost of production is 4. Regulation ensures that PR = 4. Competition ensures a perfectly elastic supply of the U component equal to its marginal and average cost of 6.
(a) What are the equilibrium price and output for systems assuming no diversification by the R monopolist?
(b) Suppose that the monopolist ties sale of U to R. The monopolist will sell R only to consumers that purchase U from it. What is its profit-maximizing price of U ? How do its profits compare to its profits if it was only an unregulated monopoly supplier of R?
shut down her business in the short run but continue to operate in the long run. continue to operate in the short run but shut down in the long run.
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