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1-) Consider a monopolist with demand Q = 120-2 p and marginal cost MC = 40. Determine profit , consumer surplus , and social welfare
1-) Consider a monopolist with demand Q = 120-2 p and marginal cost MC = 40. Determine profit, consumer surplus, and social welfare in the following three cases:
a) single-price monopolist;
b) perfect price discrimination.
c) Consider that the firm is operating in a perfectly competitive market. Find the profit, consumer surplus, and social welfare under this situation.
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