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The questions are shown in pic 4. 4. (15 marks) Consider a monopolist whose total cost function is TC = Q3 30(12 + 3010, whose

The questions are shown in pic 4.

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4. (15 marks) Consider a monopolist whose total cost function is TC = Q3 30(12 + 3010, whose inverse demand function is P = 1501 30G where Q is output and P is price. a. If the firm were to act as a single price monopolist, how much will it produce? What price it will charge? How large will be its profit? Calculate the firm's Lerner Index of monopoly power. b. Now suppose this firm can practice perfect price discrimination. How much does it produce? If the firm produces Q = 25, what is the lowest price it charges for any unit and what are its profits

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