Dr. Avanti Mukherjee Fall 2021 SUNY Cortland ECO 301 - Economics of the Firm noitsulie vlogoub ab PROBLEM SET 4 what s isbienoo .S bas boog Due Friday, Dec 3rd at 1159 pm on BB -ermil owl diw d ssimitgo This last problem set is worth 45 points. Please show all work and full reasoning. sin imA 1. The demand function in a market given by p(X) = 100 - 2X, where X is the industry output. Campbell is a monopolist facing marginal cost c = 4. at tedW .6 a. Calculate the monopoly output that Campbell produces? [3 points] Teriog s) b. What is the monopolist price that Campbell charges? [2 points] c. How much profit will Campbell make? [2 points] .nodonut d. Sketch Campbell's inverse demand curve and marginal cost curve. Compute and sketch marginal revenue on the same set of axes. Make sure to label all intercepts, lines and axes. i. Indicate where the profit-maximizing price and quantity are. ii. Shade/label the areas for total cost, total profit, consumer surplus and deadweight loss and calculate the numerical value of each of these. [8 points] [Tip: Formula for area of a triangle: 1/2 * Base * Height] densup galximixsm