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Arabia Power and Lighting Company (APLC) has a monopoly of the supply of electricity in the whole country. The monthly demand service by households in the market is given:
The marginal cost of electricity production is . Use this information to answer the following questions. (Show all your workings for each question)
a) Calculate the APLC profit maximizing choice of output and price.
b) Calculate the APLC's level of profits.
c) Calculate the perfectly competitive output and price for this industry.
Using a well-labelled diagram, plot the APLC's demand, marginal revenue and marginal cost curve. Identify the deadweight loss of the monopoly on the graph and calculate its magnitude.
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