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1. A,b and c questions in the picture Other than 2. Also draw Competitive firms

ID: 1112959 • Letter: 1

Question

1. A,b and c questions in the picture Other than 2. Also draw Competitive firms demand curve monopollst. 4. The diagram below shows a monopolist's MC and ATC curves as well as the industry demand and MR curves. MC ATC P2 D=AR D MR 0 00 91 92 Output a. What is the profit-maximizing price and level of output for the monopolist? b. What area in the figure shows the level of profits for the monopolist? Are profits positive or negative? c. What area shows the deadweight loss to society resulting from the monopolist's output decision?

Explanation / Answer

A) profit is maximised when MR=MC. Thus quantity=Q0 and price=P4. Thus point B

B)BCP2P4

c) DWL=area BDE is DWL

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