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SMART Inc. is a perfect price discriminating monopolist selling smart pills. SMART has average and marginal costs equal to $3. Here is the demand
SMART Inc. is a perfect price discriminating monopolist selling smart pills. SMART has average and marginal costs equal to $3. Here is the demand for smart pills: Quantity Price ($) 0 15 1 14 2 13 3 12 4 11 5 10 6 9 7 8 8 7 9 6 10 5 11 4 12 3 13 2 13 How many smart pills will SMART sell? 14 Calculate SMART's profit. 15 Calculate consumer surplus in the market for smart pills. 1 mark 1 mark 1 mark 16 Calculate the deadweight loss in the market for smart pills. 1 mark 17 If the smart pill market was competitive, how many smart pills would be sold? 1 mark 18 If the smart pill market was competitive, calculate consumer surplus. 1 mark
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