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Problem
Figure 14P-2 presents the demand curve, marginal revenue, and marginal costs facing a monopolist producer.
a. What is the profit-maximizing level of output?
b. What price will the monopolist charge for the quantity in part a?
c. What are the efficiency costs (deadweight loss) of monopoly output/pricing? Provide a numerical answer and illustrate this area on the graph.
d. What is consumer surplus under monopoly output/pricing? Illustrate this area on the graph.
e. What is the loss of consumer surplus under monopoly outcomes versus efficient outcomes? Provide a numerical answer.
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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Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
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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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