a.Explain three phases of a long-run average total cost curve.

b. What long-run effect will an increase in market demand have on a decreasing-cost industry?

c. In a monopoly market, suppose the linear MC intersects MR at 15 units of output. At this level of output, MR and MC are $2. The price that the monopolist charges is given as $5. MC also intersects the linear demand curve at 25 units of output. At this level, P and MC are $3. The price is $11 when demand is zero.

a.Calculate the monopolist's total revenue if the monopolist charges a single price.

b.Calculate the monopolist's total revenue if the monopolist uses perfect price discrimination.

c.Calculate the deadweight loss if the monopolist charges a single price.