Reference no: EM131249430
A monopoly has an inverse demand function given by p = 120-Q and a constant marginal cost of 10.
(a) Graph the demand, marginal revenue, and marginal cost curves.
(b) What is the profit-maximizing quantity and price for this monopolist? (Assume uniform pricing)
(c) Calculate consumer surplus, producer surplus, and total economic surplus.
(d) What would the quantity and price be if this was not a monopoly but a perfectly competitive market?
(e) Calculate the deadweight loss, and indicate the area of the deadweight loss on the graph.
(f) If this monopolist were to practice perfect price discrimination, what would be the quantity produced?
(g) Calculate consumer surplus, producer surplus, and deadweight loss for this monopolist under perfect price discrimination.
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