1 answer

B. For this monopoly market, graph it in equilibrium and clearly label the following: i. Market...

Question:

b. For this monopoly market, graph it in equilibrium and clearly label the following: i. Market supply and demand (1 points)
b. For this monopoly market, graph it in equilibrium and clearly label the following: i. Market supply and demand (1 points) Socially optimal equilibrium price and quantity (2 points) iii. Marginal revenue curve (2 points) iv. Profit maximizing quantity and price (4 points) Price 0 0 Quantity

Answers

Price So Ps AMR D. Om os Output

Here in the graph, Do = Market demand curve, So= Market supply curve

socially optimal equilibrium price and quantity is where Do=So thus Ps = socially optimal price; Qs= socially optimal quantity

MR = Marginal revenue curve

profit maximizing level of price and quantity for monopoly is where MR=MC ; in monopoly MC refers to the market supply curve thus Pm= monopoly profit maximizing price; Qm= monopoly profit maximizing output.

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