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AC Inc. has a monopoly in the market for little green houses. AC's total cost function is 10,000+0.10y2( 0.10 y square)and it faces the inverse demand curve P=44-y
a)what are the expressions for AC's total revenue ,marginal revenue, total cost and marginal cost as a function of output? what is AC's fixed cost and what is the variable cost?
b)what is the expression for AC's profits as a function of output?
c)what level of output will AC choose in order to maximize its profits? what price will AC charge? what will its marginal revenue and marginal cost be?
d)what is the efficient level of output in the little green house industry?
e)Graph AC's demand, marginal revenue and marginal cost function. Indicate on the graph AC's profit maximizing output and price, and the efficient output in the industry. Indicate the "deadweight loss" due to the monopoly.
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