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(20 POINTS) The graph below represents a monopolist’s demand, marginal revenue,

ID: 1224132 • Letter: #

Question

(20 POINTS) The graph below represents a monopolist’s demand, marginal revenue, and marginal cost curves. Use this graph to answer the questions that follow.

(4 POINTS) What is the condition for profit maximization for a monopoly?

(6 POINTS) What is the monopolist’s profit-maximizing quantity (QM) and profit-maximizing price (PM)?

(6 POINTS) Suppose the government breaks up this monopoly and turns it into a perfectly competitive market. What is the competitive equilibrium quantity (QC) and price (PC)?

(4 POINTS) In the above graph, what is the deadweight loss due to the monopoly? I am looking for a numerical answer. Show your work.

Explanation / Answer

there is no graph

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