Please answer the following questions

Question 1 ? 2 V 3 2 4 2 5 V 2:39 PM Assignments Status : Assignment List . A monopoly has long run total cost given by: TC = 74 + 7*Q + 0.7*Q2, where Q represents the units of output. The market demand is given by: P = 211 - 1.9Q. Assignment Notes . The profit-maximizing level of output for this monopolist is QM = 39.23 and the market price is PM = $136.46. Unit Menu Calculate the consumer surplus under monopoly. Previous Item CSM = (Let the decimal places float in your calculations, but round your final answer to one decimal place.) Next Item Redo Question CHECK ANSWER Communication Send Message View Messages Miscellaneous Appendix Units of Measure UMassAmherst University of Massachusetts, Amherst, MA USA O 28,202 :tvAssignments Assignment List Assignment Notes Unit Menu Previous Item Next Item Redo Question Communication Send Message View Messages Miscellaneous Appendix Units of Measure 3:330" 1E 13 z 3? 4H s 2140 PM o A monopoly has long run total cost given by: TC = 84 + 8*Q + 03"02, where Q represents the units of output. 0 The market demand is given by: P(Q) = 220 - 2.30. - The monopolist's marginal revenue and marginal cost functions are: MR(Q) = 220 - 2*2.3*Q = 220 - 4.6*Q and MC(Q) = 8 + 2*0.9*Q = 8 + 1.8'Q. - The prot-maximizing level of output for this monopolist is QM = 33.13, the market price is PM = $143.8, and the monopolist earns prot of $34272. - Consumer surplus under monopoly would be 1262.3. - If this monopoly acted like a perfect competitor setting marginal cost equal to price, the level of output produced would be QC = 51.7 and price would be PC = $101.09. Calculate the prots and the consumer surplus corresponding to this competitive equilibrium. (a) Protc = (Round your nal answer to one decimal place.) (b) CSC = (Round your nal answer to one decimal place.) (Review when done! Compare the levels of quantity, price, profit and consumer surplus for monopoly and perfect competition.) CHECK ANSWER Assignments Assignment List Assignment Notes Unit Menu Previous Item Next Item Redo Question Communication Send Message View Messages Miscellaneous Appendix Units of Measure 3%.???" El 11l all all 4? sil - A monopoly has long run total cost given by: TC = 84 + 4*Q + 0.4*Qz. where Q represents the units of output. - The market demand is given by: P = 213 - 1.90. 2:40 | - The monopolist's marginal revenue and marginal cost functions are: MRlQ) = 213 - 2*1.9*Q = 213 - 3.8*Q and MC(Q) = 4 4 2*0.4*Q = 4 + 0.8*Q . - The prot-maximizing level of output for this monopolist is QM = 45.43, the monopolist's price is PM = $126.68, and the monopolist earns prot of $46633. - Consumer surplus under monopoly is CSM = $19603. (a) What is producer surplus under monopoly? PSM = (Round to one decimal place.) (b) What is the total welfare for this market under monopoly? TWM = (Round to one decimal place.) CHECK