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Case: Consider a monopolist that has a constant marginal cost of $1 ?per unit. The demand for the product has a choke price of $9. ?If the price was $4, ?the quantity demanded would be 5.Consider that there is a shock to the monopolist's costs and it increases by $1 ?per unit.
1. ?What is the new price that the monopolist would set?
2. ?What is the new quantity produced?
3. ?What is the new profit of the monopolist?
4. ?What is the new consumer surplus?
5. ?What is the new producer surplus?
6. ?Evaluate did the monopolist transfer the cost shock to the consumers in its entirety?
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
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Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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