Reference no: EM1357740
1. suppose a profit-maximizing monopolist faces the demand curve P=60-2Q. The firm's total cost curve is TC=300+1/2Q2
a. if the firm charges a single price, what would that price be? How large will the profit be? How large will the producer surplus be?
b. Suppose the firm were able to act as a perfect first degree price-discriminating monopolist. How much will it produce? How large will the profit be?
c. How much extra surplus does the producer capture when it engages in first-degree price discrimination instead of charging a single price?
2. Consider a perfectly competitive industry in which there are 10 identical firms and 1000 identical buyers. Each buyer has the following demand function:
q=1-.005P
Each firm has the following short-run cost function:
STC(q)=1000+10q+q2
The associated marginal cost function is SMC(q)=10+2q
a. Derive the market demand function
b. What is one firm's supply function? Write the quantity supplied by the firm as a function of price.
c. What is the market supply function?
d. What are the short-run equilibrium price and quantity?
e. How much would each firm produce? How much is each firm's profit?
f. Is the industry in long-run equilibrium? If yes, why? If no, what would happen in the industry?
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