Monopoly and graphing

A cartel is formed by a group of individual suppliers who come together and act like a monopolist, with the objective of increasing profit. Given the market outlined in the graph, figure out the competitive equilibrium and monopoly equilibrium created by the cartel. Assume MC for Monopolist = Industry Supply for Perfect Competition. a) Indicate the competitive equilibrium and monopoly equilibrium on the graph. Competitive Equilibrium 32 MR 28 24 Demand 20 Price ($/unit) 16 N Co MC = S 24 *30 33 Reset Quantity b) Calculate the competitive equilibrium quantity, price, and revenue. Competitive Quantity = Competitive Price = ? Competitive Revenue = ? c) Calculate the monopoly equilibrium quantity, price, and revenue. Monopoly Quantity = ? Monopoly Price = ? Monopoly Revenue = ? d) Compute the loss to the economy in dollar terms as the result of the DWL created from moving from per- fect competition to a cartel. Draw the DWL area on the graph. Loss to Economy =