The market prices and your producer surplus

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You are the general manager of the Red Dog mine, which is the sole operator in Alaska selling copper. You have a maximum of S =1,000 tons available to sell this year and next year, and the demand for copper will be constant at p = 1000-q each year, where p is the price in dollars per ton and q is the number of tons. Your marginal cost of mining and marketing copper is also constant at $200 per ton, and your discount rate is r = 0.1. Describe the quantities you would market this year and next year, the market prices, and your producer surplus if you price your copper

(a) like a perfect competitor;

(b) like a monopolist.

Reference no: EM13833597

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