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Question 1: Consumers in a given industry have the demand curve: P = 1000 - 8*Q. Production involves a monopoly manufacturer, with a marginal cost of $40, selling to a monopoly downstream retailer, whose only cost is the price paid to the manufacturer.
(a) Calculate the optimal price that the manufacturer should charge the retailer.
(b) Calculate the optimal price that the retailer should charge consumers.
(c) If the two firms were to vertically integrate, what price would the combined firm charge?
(d) How much higher are total firm profits under vertical integration than without it?
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