Consider the sequential game shown below, where Blue White Airline is deciding whether to charge a high price or a low price for their new flight to Hawaii. Lion Getaways will observe this action and decide whether they want to Compete by offering their own flight to Hawaii, or Not Compete and continue to offer their existing vacation flights. $200,000 for Blue White Airline Compete $170,000 for Lion Getaways Lion Getaways High Price Do Not $275,000 for Blue White Airline Compete $150,000 for Lion Getaways Blue White Airline $180,000 for Blue White Airline Compete Low $160,000 for Lion Getaways Price Lion Getaways Do Not $240,000 for Blue White Airline Compete $150,000 for Lion Getaways Game tree for Blue White Airlines and Lion Getaways (text description &) Use backwards induction to solve for the outcome of the above game. Blue White Airline charges a [ Select ] and Lion Getaways chooses to [ Select ]The graph below shows the demand, marginal revenue, and cost curves for a monopoly. Price and Cost MC ($) 345 ATC 300 275 255 225 165 100 Demand 75 MR 25 40 55 Quantity Demand, marginal revenue, and cost curves for a monopoly (text description ) Assume the monopolist produces at the profit-maximizing quantity and charges the profit-maximizing price. What is the amount of the monopolist's profit?Consider the monopoly market shown below. Price + and Cost ($) 250 MC 192 163 134 76 MR! Demand 0 290 435 Quantity Graph of a monopoly market (text description ) What is the amount of the deadweight loss created by the monopoly? Do not include the dollar sign ($) in your answer.Consider the following market, in which four people each have a different willingness to pay fora ticket to a Penn State vollrball game Willingness to Pay for a Penn State Volleyball Game Person Willingness to Pay Aman' $24 Blake $34 Chyna $44 Deacon $64 a. It the rm CANNOT price discriminate and must charge the same price foreach unit. what price should it choose to maximize revenue? Hint: Remember that total revenue is TR 2 P x Q.At each possible price. think about the quantity purchased. and then nd total revenue. The single price the rm should charge for each Penn State volleyball ticket is S . Do not include the dollar sign {$1 in your answer. b. Now suppose the rm is able to use perfect price discrimination What will be the total revenue earned by the rm? Do not include the dollar sign ['3] in your answer. Consider an industry with 7 firms. The firms and their market shares are listed in the table below. Firms and Market Shares Firm Market Share A 23% CO 21% C 16% D 14% 11% 71 m 8% G 7% Suppose Firm D and Firm E have proposed a horizontal merger. If they are allowed to merge into one firm, what would be the post-merger HHI for this industry? Question 23 Suppose a monopolist faces a demand curve given by the equation P = 280 -4@. Marginal cost is constant and given by the equation MC = 24. a. Using the information above, what is the monopolist's profit-maximizing level of output? Inits b. Assume marginal cost is equal to average total cost. How much profit will the monopolist make? Do not include commas or a dollar sign ($) in your answer. c. What would be the value of consumer surplus if this market was perfectly competitive? Do not include commas or a dollar sign ($) in your answer. d. What is the value of the deadweight loss created by the monopoly? Do not include commas or a dollar sign ($) in your answer.Consider the market shown in the graph below. Price $30 28 26 24 Supply Demand 0 1 2 5 6 7 8 9 10 11 12 13 14 15 16 Quantity Graph of a market (text description a. What is the quantity demanded at a price of $22? b. What is the value of producer surplus when this market is in equilibrium? Do not include the $ in your answer, and round your answer to 1 decimal place if necessary. . Suppose the government implements a $4 tax on each unit that producers are responsible for paying. (Note that each gridline on the graph represents a change of $2 on the price axis.) What is the value of producer surplus with this tax? Do not include the $ in your answer, and round your answer to 1 decimal place if necessary. d. When the government implements a $4 tax on each unit that producers are responsible for paying, what is the total tax revenue that the government receives? Do not include the $ in your answer.The table below shows three people's willingness to pay for a public good. Willingness to Pay for a Public Good Quantity of the Public Good Willingness to Pay of Person 1 Willingness to Pay of Person 2 Willingness to Pay of Person 3 40 30 65 37 26 60 3 34 22 55 4 31 18 50 5 28 14 45 If the marginal cost of each unit of the public good is $115, how many units of the public good should be provided? Question 27 Suppose demand is given by the equation Q = 60 - 3P. Using the midpoint formula, what is the price elasticity of demand between the prices of 7 and 12? Include a negative sign if applicable, and round your answer to two decimal places.The graph below shows the demand. revenue. and cost curves for a monopolisticallv competitive rm. Price and Cost {$1 7 1 Quantity Gamma. revenue. mid coslcurws foranailamllslkm'kcanrpelr'lherm Tea! aesc.-.gnm i; .3. Consider the graph above. The prot-maximizing rm will choose to produce ___ units of output. b. Consider the graph above. The prot-maximizing rm will charge a price of ___ dollars. Do not include the dollar sign {$l in vour answer. c. Consider the graph above. The rm's prot is ____ dollars. Do not include the dollar sign ($] in your answer. Question 14 Consider an industry with 30 firms. The 7 largest firms and their market shares are listed in the table below: Firms and Market Shares Firm Market Share Ardor 30% 21% Boom 18% Canary 7% Dream Excel 5% 4% Flight 2% Grande The other 23 firms own the rest of the market. The four-firm concentration ratio in this industry is ___%. Do not include the percent sign (%) in your answer. Question 15 Consider an industry with 7 firms. All 7 firms and their yearly sales are listed in the table below: Firms and Yearly Sales Yearly Sales Firm in Millions) $38 Andersen $25 Bell $22 Carter Dakota $20 $15 Eden Franklin $10 $8 Golden The four-firm concentration ratio in this industry is __%. Round your final answer to two decimal places, and do not include the percent sign (%) in your