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Just answer question c please and thank you (c) Suppose that good X is produced by a profit-maximizing monopoly. Answer each of the following. (i)

Just answer question c please and thank you

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(c) Suppose that good X is produced by a profit-maximizing monopoly. Answer each of the following. (i) Using labeling from the graph, identify the unregulated firm's output. Explain how you determined your answer. (ii) To produce the socially optimum output, indicate whether the government should tax or subsidize the firm. (iii) Calculate the dollar value of the needed per-unit tax or subsidy. (d) Suppose that good X is produced in a perfectly competitive industry. Answer each of the following. (i) Using labeling from the graph, identify equilibrium output in the absence of regulation. Explain how you determined your answer. (ii) To produce the socially optimum output, indicate whether the government should tax or subsidize the firms in the industry. (iii) Calculate the dollar value of the needed per-unit tax or subsidy. PRICE (S) 13 12 Marginal Social Cost Marginal Private Cost 4 Demand = Marginal Social Benefit Q Q2 Q3 QUANTITY OF GOOD X Marginal Revenue

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