Question
A monopoly firm faces the following demand curve: P = 25-2.5 QD. 1)Create the demand schedule...
A monopoly firm faces the following demand curve: P = 25-2.5 QD.
1)Create the demand schedule for the firm by increasing quantity demanded in increments of one unit.
2)Produce a table with the total revenue and marginal revenue for the output levels in increments of one unit.
3)If the firm’s marginal cost is constant at $12.50 per unit, what is the profit maximizing output and price?
4)What is the efficient quantity and price?
5)What is the value of the deadweight loss of the monopoly firm versus the perfectly competitive firm? Please show your work.
Answers
dd. P: 25-2.5 & 10 182) Price output Price (418 TR= (P+Q) MR (ad D 25 O 22.5 1 22.5 22.5 2 15 20 40 3 52.5 12.5 IS 60 7.5. S 12.5 62.5 10 6 co -2.5 20 3 A monopoly will produce at the output MC=MR (in order to max. profit) output level where i. QM = 3 units 25 ATC is called 24 Quantity that minimizes efficient scale of t "MC is constant 30 P=MC = ATC $12.5 at QasP 25 nos Page : Mc Demand 9 Dola 10 YMR 5) A perfectly competitive from output ad will produce. level whore P- MC (in order to max. profit) Q" = sunity ppt - 12.5 10 At 8 = 3 Pa 25-(28x3) 9.17.5 DOL, due to Monapoly a I (17.5= 12.5) » (8-3) $5 151 DWL due to P. C = 800g
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