150 Econ 3020 Section 1002 Spring 2022 22 Monopoly points) (a) Graph demand for a market where P(y) = 160 - y. Label this demand curve D. (8 /8 (b) Calculate the Marginal Revenue function for a monopolist in this market. Graph this 16 Marginal Revenue function in the same graph, labeling it MR. (8 points) MR = (160-y) y = 160 y-yz - 160- 24 818 (c) Calculate and graph the Marginal Cost curve in the same graph (labeling it MC), when the monopolist's total cost function is C(y) = 20y + 1000 (8 points) 8/8 MC = 20 (d) Find the monopolist's Price profit-maximizing quantity 200 and price (8 points). 180 y* = to 160 8/ 8 p* = 90 140 120 160-24 - 20,NEEDGROUSE 160- 70 = 100 160-20= 2x go =90 80 140= 24 60 D (e) Outline the Producer 40 Surplus and Consumer Surplus areas in your 20 MC graph, and shade in the 5 / 8 Deadweight Loss. (8 20 40 6010 80 100 120 140 160 180 200 points) Quantity One more question on the last page... 5