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Need Help with these two questions please. Market Power and Monopoly End of Chapter Problem Consider the market for Pop Rocks depicted in the accompanying

Need Help with these two questions please.

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Market Power and Monopoly End of Chapter Problem Consider the market for Pop Rocks depicted in the accompanying diagram. Note: the graph displays quantity in thousands ofpackages. Price WW) $1.00 D 0'10 MC 0 100 Quantity of Pop Rocks (thousands of packages) Goolsbee et al., Microeconomics, 3e, (9 2020 Worth Publishers a. If the Pop Rock industry were competitive, what would the competitive price and quantity be? P = $ 0.1 Q = 90 thousand packages b. If the Pop Rock industry were competitive, what would the consumer and producer surpluses be, respectively? IMPORTANT: remember that the quantity is in thousands of packages and not individual packages. Make sure to account CS = $ 40.5 PS = $ 0 Incorrect c. Suppose that gangland figure Tommy Vercetti monopolizes the Pop Rock market. What quantity and price would he choose to maximize profit? Q = 45 thousand packages P = $ 0.55 d. Calculate the consumer and producer surpluses of Vercetti's Pop Rock monopoly. CS = $ 12500 PS = $ 20000 Incorrect Incorrect e. Comparing your answers in part d to part b, how big is the deadweight loss caused by the monopoly? DWL = $ 8000 Incorrect

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