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In the table below are cost and demand data for a pure monopolist.Quantity demanded Price Marginal revenue Average cost Marginal cost0 $105.001 96.00 $ 96.00 $144.00 $144.002 87.00 78.00 90.00 36.003 78.00 60.00 70.34 30.004 69.00 42.00 63.00 42.005 60.00 24.00 60.00 48.006 51.00 6.00 58.50 51.007 42.00 -12.00 57.86 54.008 33.00 -30.00 57.50 55.509 24.00 -48.00 57.33 56.00
(a) What is the level of price, output, and amount of profit for an unregulated monopolist?
(b) Using the data in the table, what are the price, output, and profit for a regulated monopolist that sets price equal to marginal cost compared with an unregulated monopolist?
(c) Using the data in the table, what are the price, output, and profit for a regulated monopolist that charges a "fair-return" price compared with an unregulated monopolist?
(d) Analyze the effect of regulation on the allocation of resources. Which situation is most efficient? Which situation is most likely to be chosen by government? Why?
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