Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial economics applications strategy and tactics

Authors: James r. mcguigan, R. Charles Moyer, frederick h. deb harris

12th Edition

9781133008071, 1439079234, 1133008070, 978-1439079232

More Books

Students also viewed these Economics questions