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The cost and demand schedules for a market are given below:
P Qd TR MR TC ATC MC
$20 0 $0
19 1 13
18 2 26
17 3 39
16 4 52
15 5 65
14 6 78
13 7 91
12 8 104
a. Complete the rest of the table and graph the demand, MR, ATC and MC curves in a single diagram.
b. If the market is perfectly competitive and produces where P=MC, what level of output will be produced and what price will be charged? Show your result graphically.
c. If the market is taken over by a monopolist, what price and output maximizes the profit of the monopolist? Calculate and show graphically, the profits of the monopolist.
d. Calculate and show graphically the social welfare cost of the monopoly.
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