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Safari File Edit View History Bookmarks W Inhox (3 951 messanes jnromer Philosophy Link Sports and Soci D2L Economics Book Apple jnromero.com/c Discovery Beer Shopping Cart Chapters 11 & 12 Hornework #6 1. Assume that a monopolist hts TC(Q) 14Q and the (c)Suppose t equilibriu market demand is P(Q)= 50-IQ, (a) What is the firm's marginal cost? (b) What is the profit-maximizing price and quantity Find the price and industry p (P,0)? (c) What is the total revenue at (P,Q*) (d) What is the total cost at (P,Q)? (e) What is the profit at (P",Q")? (f) What is the consumer surplus at (P,Q)? (g) What is the deadweight loss at (P,Q)? (d) Suppose th MC = 26. causes tote 6. Suppose a mono the demand cur ducing Q units a fixed cost. 2. Assume that a monopolists sells a product in the short- (a) For what v charging ar run with a total cost function STC103+26Q +1 >0 profit? 100 (b) For what va engaging in earn at leas The market demand curve is given by the equation P(Q) = 50-2Q. (a) Find the marginal cost for the firm. (b) Find the profit-maximizing output and price 7. A monopolist ha that each have th the consumer surg (P,Q)

Explanation / Answer

TC(Q) = 14Q

Demand:

P(Q) = 50-Q.

a) MC = dTC/dQ = 14

b) TR = P(Q)*Q = 50Q -Q2

MR = dTR/dQ = 50-2Q

Monopolist produces wher MR =MC

50-2Q=14 , Q =36/2 =18

P = 50-18 = 32

c) TR(P*,Q*) =P*Q =32*18

TR = 576

d) TC =14*32 =448

e) profit = TR-TC = 576 - 448 = 128.

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