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1. Profit maximization and loss minimization BYOB is a monopolist in beer production and distribution in the imaginary economy of Hopsville. Suppose that BYOB cannot price discriminate; that is, it sells its beer at the same price per can to all customers. The following graph shows the marginal cost (MCMC), marginal revenue (MR MR), average total cost (ATC ATC), and demand ( D D) for beer in this market. Place the black point (plus symbol) on the graph to indicate the profit-maximizing price and quantity for BYOB. IF BYOB is making a profit, use the green rectangle (triangle symbols) to shade in the area representing its profit. On the other hand, if BYOB is suffering a loss, use the purple rectangle (diamond symbols) to shade in the area epresenting its loss. 4.00 3.50+ Monopoly Outcome 2 3.00 T PER UNIT (Dollars pe ATC 2.50 Profit * 200 Loss 8 1 1. MC 0.50 0 MR 0.5 1.0 1.5 2.0 3.0 3.5 QUANTITY OF OUTPUT (Thousands of cans of beer) Suppose that BYOB charges $2.75 per can. Your friend Larry says that since BYOB is a monopoly with market power, it should charge a higher price of $3.00 per can because this will increase BYOB's profit. Complete the following table to determine whether Larry is correct. If BYOB is suffering a loss, enter a negative edluce for proffitt. Quantity Total Price Demanded Revenue Total Cost Profit ( Dollars per (Cans) (Dollars) (Dollars) (Dollars) can) 1000 2.75 1750 B, 50 0 3.00 1250 13, 750 3 1500 Given the earlier informifation, Larry_ 15 / IS NOT _ correct in his assertion that BYOB should charge $3.00 per can. Suppose that a technological innovation decreases BYOB's costs so that it now faces the marginal cost (MCMC) and average total cost (ATC ATC) given on the following graph. Specifically, the technological innovation causes a decrease in average fixed costs, thereby lowering the ATC ATC curve and moving the MC MC curve. Place the black point (plus symbol) on the following graph to indicate the profit-maximizing price and quantity for BYOB. If BYOB is making a profit, use the green rectangle (triangle symbols) to shade in the area representing its profit. On the other hand, if BYOB is suffering a loss, use the purple rectangle (diamond symbols) to shade in the area representing the loss. 4.00 PRICE AND COST PER UNIT (Dollars per unit) 3.50 Monopoly Outcome 3.00 2.50 Profit 2.00 1.50 Loss 1.00 0.50 MC MR 0.5 1.0 1.5 2.0 2.5 3.0 3.5 QUANTITY OF OUTPUT (Thousands of cans of beer)