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02 Question (2 points) See page 504 Komfort Kandles sells a variety of scented candles in its online store. It has a patent on the enclosure (the Komfort Kan) for its candles that allows the candle to be moved around easily, even when lit and, at the same time, helps to more evenly disperse the scent of the candle in the room. Because of this patent protection Komfort operates as a monopolist in the market for these specially designed candles. Suppose the (inverse) demand for candles is given by p(y) = 50 - y and that the production function for candles is a simple function given by y = 10x, where y is the number of candles and x is the amount of wax (in ounces) used to produce a candle (note, the marginal product for this production function is just a constant, or MP = 10). Furthermore, suppose wax is priced at 100 cents per ton. Komfort's revenue (as a function of output) is R(y) = (50 - y)y and by substitution its revenue as a function of input (wax) use is R(x) = (50 - 10x)10x = 500x - 100x3. Finally, Komfort's marginal revenue product is MRP(x) = 500 - 200x. v 1st attempt See Hint How much wax will Komfort choose to use if it is a profit-maximizing monopolist? tons (Give your answer to two decimal places.) How much wax would be used if the market were competitive and all firms had access to the same production technology as Komfort Kandles (Le., all firms had the same production function)? tons (Give your answer to two decimal places.) @ SUBMIT ANSWER 1 OF 11 QUESTIONS COMPLETED