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Suppose that a monopolist supplies a product in two distinct markets, A and B. The demand functions for the two markets respectively are Pa= 15-Q and Pb= 24 -2Qb. The manufacturer faces a cost of C = 10 + 6Q, where Q is total quantity supplied.
a) What are the profit maximizing prices and quantities for each of the two markets?
b) A new law prevents the monopolist from charging different prices in the two markets. What new price and quantity should it set for the combined market?
c) How much are the monopolist's profits changed from part a to part b?
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