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What is the monopoly market price

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Reference no: EM132336400

Question

In a hypothetical market, The demand equation is given as: P = 62 - 2Q The supply equation is given as: P = 13 + 3Q.

Assuming a monopoly market with Q = 7: 

1) What is the monopoly market price?

2) What is the consumer surplus?

3) What is producer surplus? 

4) What is the total wealth? 

5) what is the Deadweight Loss relative to a perfectly competitive market?

Reference no: EM132336400

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