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- A monopolist has discovered that the inverse demand function of a person with income Y for the monopolist’s product is P = 0.002Y-Q where P is the price, Y the income, and Q is the output. The monopolist can observe the incomes of its consumers and hence vary its price accordingly. The monopolist has a total cost function C(Q) = 100Q. A. Calculate the profit maximising price as a function of the consumer’s income Y carefully explaining all the steps in the derivation of the formula. B. A monopolist has a constant marginal cost of £2 per unit and no fixed costs. He faces two separate markets in the United States and in the UK. The goods sold in one market are never resold in the other. He sets one price P1 for the US market and another price P2 for the UK market (both measured in £). The demand in the United States is given by Q1=7,000-700P1 and the demand in the UK is given by Q2=1,200-200P1. Calculate the profit maximising output produced and price charged in each country by the…A monopolist faces a demand curve given by Qd = 270 – P and faces a short run total cost function given by TC = 30 + 3q2. (i) What is the output level that maximizes the firm's revenue?the monopolist faces a demand curve given by D(p)=50-p. its cost function is c(y)=y. what is its optimal level of output and prices?
- A monopolist has a cost function given by c(y)=y2 and faces a demand curve given by P(y)=120-y. What is the profit maximizing level of output?A monopolist has a cost function given by c(y) = y2 and faces a demand curve given by P(y) = 120 - y. What is the profit maximizing level?Acme is a monopolist for a good with inverse demand P = 4000 – 6Q, where P is the price in dollars and Q is the amount sold. Acme's variable costs are TVC(Q) = 4Q². With these functions, the marginal revenue is MR(Q) = 4000 – 12Q and marginal cost is MC(Q) = 8Q. a) If Acme has no fixed costs, what is its profit maximizing price? b) If Acme has non-sunk fixed costs of $700,000, is it worth operating or should they shut down?
- The demand function of a commodity is P=10-3q and average cost function is AC=q,then calculate the equilibrium price, total revenue, total cost and total profit of a monopolist.If a monopolist faces a demand p(q) = 130-3q and costs c(q) = 2q^2, answer: a) What is the quantity this monopolist would sell? b) What is the price they would charge?A monopolist has the following marginal revenue function MR = 1,600 - 20Q, and marginal cost function MC = 200 + 30Q and faces the following the demand curve p 1200-10Q. And the total cost function is TC= 200Q+15Q². Q refers to the number of units produced by the monopolist. Find the profit maximizing quantity (in number of units produced) for this monopolist. The result should be an integer number, no decimals (e.g. if the result is 3.65 write 4, if the result is 3.64, write 3). = Your Answer:
- Consider a monopolistic market with demand function: P = 36 – 0.5Q The monopolist’s marginal cost (MC) and total cost (TC) function are: MC = $2 TC = 4 + 2Q How much total economic profit does the monopolist earn?For the Monopolist, Demand is given by, P = 120 - 5Q Total Cost = 480 +20Q What is the profit maximizing a) Quantity? b) Price? c) Profit?The demand function faced by a monopolist is D(p)= a-p and the cost function is C(q)=cq. 02 and it increases 2 The monopolist advertises to increase demand. The cost of advertising 0 is the demand by 0. The profit of the monopolist is (a-c) (a) 4 (a-c) (b) 2 (a-0) (c) 2 (a-0) (d) 4