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A monopoly producer of drugs has a constant marginal cost of MC=8 and sells its product in two separated markets. The demand functions for the two separated markets are:
i. Determine the firm's profit-maximizing quantity and price in each market.
Calculate the size of deadweight loss in each market and the total welfare loss caused by the monopoly. Illustrate the two separated market equilibria including the sizes of welfare loss with two monopoly market diagrams. Calculate the size of monopoly profit or loss for each market. Based on the information provided, analyse the most critical reason that causes the monopoly to set prices differently in these two markets.
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