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The following Table 1 refers to ve possible buyers' willingness to payr for good Z. Table 1 {a} Let the market price under perfect competition

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The following Table 1 refers to ve possible buyers' willingness to payr for good Z. Table 1 {a} Let the market price under perfect competition is $3.{}, calculate the total consumer surplus in the market. {b} Assuming that the seller of good 2 is a monopolist, and he knows each person's willingness to pay. Further a seller incurs marginal cost, that is, 3 [5] per unit which remains constant. If each person has a unit demand and a monopolist decides to discriminate the price [in particular, the firstdegree price discrimination} what will be the consumer and producer surpluses? {c} Comparing 1grour answers from {a} a nd {b}, discuss the implications of having market power

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