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6. [16] Some guy named Bom Trady has a monopoly over nice (some might even say super) bowls. The market demand for his bowls is
6. [16] Some guy named Bom Trady has a monopoly over nice (some might even say "super") bowls. The market demand for his bowls is ?(?) = 120 - 5? and it costs him C(?) = ? 2 to produce them. a. [5] Derive the first order condition of the Bom'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. [3] Is it possible that Bom is a natural monopolist? Explain you reasoning
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