Question
Please I need help answering and understanding these questions, a clear answer will be appreciate. I need them within an hour, thanks. 23) You are
Please I need help answering and understanding these questions, a clear answer will be appreciate. I need them within an hour, thanks.
23) You are given the following demand and marginal cost:
2P + QD=7(demand)
MC = 1.5
Using the solutions from the previous 2 questions, find the perfectly competitive consumer surplus, the monopoly consumer surplus and profit and the deadweight loss as the firm moves from perfect competition to monopoly.Confirm that the consumer surplus under perfect competition is split up into consumer surplus, profit and deadweight loss as a result of this move.
22) You are given the following demand and marginal cost:
2P + QD=7(demand)
MC = 1.5
What is the monopoly equilibrium price and quantity?
21) You are given the following demand and marginal cost:
2P + QD=7(demand)
MC = 1.5
Find the perfectly competitive price and quantity.
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