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Please help our microecon assignment with graphs The questions below have to do with the case of monopoly. Monopoly (1) Label the vertical axis. Label
Please help our microecon assignment with graphs
The questions below have to do with the case of monopoly. Monopoly (1) Label the vertical axis. Label the horizontal axis. (2) Draw the market demand curve. Label it as D and denote its vertical intercept as H. (3) Starting at Point H, draw the firm's marginal revenue curve and label it as MR. (Be precise!) (4) Draw the rm's marginal cost curve and label it as MC. (5) Identify the point where MR = MC, and label it as M. (5) Given M, identify the profit-maximizing output quantity, and denote it as A on the horizontal axis. (7) Identify the profit-maximizing output price, and denote it as B on the vertical axis. (8) Identify the point on the demand curve D that is associated with Point B on the horizonal axis. Denote that point as N on the demand curve, D. (9) Identify the point where D = MC and label the point as K. (10) Identify the social optimal output quantity, and denote it as C on the horizontal axis. Identify the social optimal output price, and denote it as F on the vertical axis. (11) What is the area for CS under social optimality? Answer: (12) What is the area for CS under monopoly? Answer: (13) What is the reduction in CS due to monopoly? Answer: (14) What is the area for DWL due to monopoly? Answer: The questions below have to do with the case of monopsony in a _ Monopao labor market. "V {ll {2} i3} i5} i5} i7} i3} i9} {10} i111 {12} {13} {14} Label the vertical axis. Label the horizontal axis. Draw the nn's labor demand curve and label it as MRPL. Draw the labor su pplv curve facing the firm. Label it as St and denote its vertical intercept as X. Starting at Point X, draw the firm's marginal resource cost curve. Label it as MRCL. Identifyr the point where MRPL - MRCL, and label the point as I. Identify the prot-maximizing labor hiring quantity, and denote it as Y on the horizontal axis. Identify the prot-maximizing wage rate, and denote it as Z on the vertical axis. Identify the point on the labor supply curve SI. that is associated with Point 2 on the vertical axis. Denote that point as ID on the labor supply curve, 5'. Identify the point where 5;: MRPL and label the point as 0. Identify the social optimal labor hiring quantity, and denote it as M on the horizontal axis. Identify the social optimal wage rate, and denote it as N on the vertical axis. What is the area for PS under social optimality? Answer: What is the area for PS under rno nopsony? Answer: What is the reduction in PS due to monopsony? Answer: What is the area for DWL due to monopsonyStep by Step Solution
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