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Suppose that a profit-maximizing monopolist, Happy Trails, supplies mule rides to the botton of the grand canyon. Happy Trails faces an inverse demand curve as follows: p = 350 - Qd and it has the following cost function: C(Q) = Q 2 + 50Q
(a) What are Happy Trail's profit maximizing price and quantity? Calculate its profits.
(b) Compute the consumer surplus and producer surplus in this market. What is the deadweight loss to society because this is not a perfectly competitive market?
(c) The government believe it is "unAmerican" to have a monopoly generating deadweight loss in the Grand Canyon. They hire you as a consultant to tell them how to regulate the price that Happy Trails charges in order to maximize output. What price do you propose and why? Will Happy Trails stay in business at this price? Is this the optimal policy from the point of view of social welfare?
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