Question
3. [18] Some person named Mionel Lessi has a monopoly over golden footballs (soccer balls). The market demand for his footballs is () = 140
3. [18] Some person named Mionel Lessi has a monopoly over golden footballs (soccer balls). The market demand for his footballs is () = 140 5 and it costs him () = 2 to produce them. a. [5] Derive the first order condition of the Mionel's profit maximization problem under uniform pricing. b. [4] Show algebraically that the marginal revenue curve lies below the demand curve. c. [4] Calculate his profit and the consumer surplus. d. [5] What additional assumptions are required for Mionel to successfully engage in first-degree price discrimination? What would his profits be if he did this
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