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- Economics A market faces the following demand curve: Q = 10 - 1/5P, and a cost function: TC = 25Q^2 - 250Q + 200. a) Calculate the price and quantity that maximize profits if the company operates as a monopolist. Calculate the total profit. b) If the government removes entry barriers and the market becomes perfectly competitive, calculate the price, quantity, and profit of the company. c) GRAPH and mark the changes in consumer surplus, producer surplus, and market efficiency. PLEASE I NEED THE GRAPH. AND ALSO RESPOND IN ORDER PLEASE, STAY WHICH IS A WHICH B AND WHICH IS CExplain why consumer surplus declines when monopolies are present.Will the monopolist produce an output level that is allocatively efficient?
- Why does consumer surplus decline when monopolies are present?Discuss the relationship between monopoly and extranalities using microeconomics knowledge ?In this question, you will discuss the general case of positive externalities in a monopolist’s presence. what is the impact of a monopolist’s presence on a market without positive externalities? Does monopolist hurt the overall social gain (i.e., total surplus or total welfare)? Please explain. Could a monopolist improve the competitive market outcome for a good or a service with positive externalities (and no government intervention to correct it)? Why or why not? Please explain.
- How much is total surplus if the market is perfectly competitive?How much is total surplus if the market is controlled by a single price monopolist?Suppose the single price monopolist started charging all customers the maximum price they are willing to pay. How much additional surplus is created?Suppose that the demand for good x is given by : P=100-8q Marginal cost of production is given by : P=10+2q MR is given by 100-16q What will the equilibrium quantity and price be in a competivite market? Calculate consumer, producer and total surplus. If we contrast this market to one in which good x is produced by a monopoly, what will be the quantity produced and the price each unit will be sold as? Calculate consumer, producer and total surplus. What will be the loss in total surplus due to a monopolist?Is it feasible to prohibit monopolies in all markets?
- The figure shows the market demand curve for penicillin, an antibiotic medicine. Initially, the market was supplied by perfectly competitive firms Later, the government granted the exclusive right to produce and sell penicillin to one firm. The figure also shows the marginal revenue curve (MR) of the firm once it begins to operate as a monopoly. The marginal cost is constant at $3, irrespective of the market structure What is the surplus enjoyed by the firm when it is the sole supplier of the medicine? OA. 590 OB. $180 OC. $30 OD. $60 Price/Cost (5) 10 1 10 20 30 40 MR Demand 50 60 70 80 90 Quantity (units)Please compare the difference in market equilibrium and its consequence between monopoly and market competitionWhat quantity will the above monopolist produce if it can first degree price discriminate? (Enter a number) How much consumer surplus do consumers get in the above graph if the monopolist first degree price discriminates? (Enter a number) If the monopolist first degree price discriminates, will the quantity produced by the monopolist be allocatively efficient? (Enter: YES or NO)
