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In a monopoly, Marginal revenue lies below the demand curve. This implies that the firm has to lower the price in order to sell more.
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- Please read the following article from The Atlantic on the proliferation of price discrimination for online shopping https://goo.gl/EGFynW A.) The article notes that we are moving toward a situation in which perfect price discrimination is no longer “only a classroom thought experiment.” Suppose perfect price discrimination were to become a reality. What would this imply as far as consumer surplus, producer surplus, and market surplus in the market for online retail? B.) The article references a study showing that by using big data online firms are able to boost profits. When firms engage in price discrimination and experience an increase in profits, does this imply that consumers are made worse off as a result? Explain. C.) Do you agree with the author’s belief that the proliferation of price discrimination “makes suckers of us all”? Explain. D.) Do you consider the increased price discrimination in recent years as a net positive or a net negative to society? ExplainConsider the graph below representing a monopolist: Price Po aa P₁ P₂ A C What will be the equilibrium price and quantity? O Price will be PO and quantity will be Q1 O Price will be P1 and quantity will be Q1 O Price will be P2 and quantity will be QO O Price will be PO and quantity will be QO B Quantitywhen monopolist faces a downward slope demand curve it can increase its revenue by?
- b bMy Question X WMonop HW X Σ Σ G + f G Office Editing for Docs, Sheets & Slides chrome-extension://bpmcpldpdmajfigpchkicefoigmkfalc/... The quantity has been found for you by finding where MC-MR. The monopolist sets price by charging as high as demand will bear at that quantity. So once the quantity has been found, go upon the dotted is the price. Total Revenue is PxQ, Total costs are found by finding the average cost and multiplving by O. ATC AVC 100 100 MR What is the optimal quantity? What is the price? What is Total Revenue? What is Total Cost? What is Total Variable Cost? What is Total Fixed Cost? [Hint: Average fixed cost is the vertical distance between the ATC and AVC curves at the optimal Q.] Is there a profit or a loss? How much? 8 11:02What is price discrimination and how it helps the firm and the consumersGraph the following: The area of economic profit for a monopolist
- Jonny and Chen Brad Baxter have just made a documentary movie about their basketball team. They are thinking about making the movie available for download on the Internet, and they can act as a single-price monopolist if they choose to. Each time the movie is downloaded, their Internet service provider charges them a fee of $4. They are now arguing about which price to charge customers per download. The accompanying table shows the demand schedule for their film. Quantity of download demanded Price per download $10 8 3 4 6 2 10 15 d. They want to maximize profit. Which price would he choose? How many downloads would be sold?K The table shows a sample of prices and the quantity sold by a monopolist. What is the price elasticity of demand at a price of $97? A. 1 B. 1.04 OC. 0.89 OD. O Price 100 99 98 97 96 95 94 Quantity 95 96 97 98 99 100 101The diagram below shows a monopolist’s marginal cost scheduleand the demand curve. Find and depict the following items within the diagram and briefly explainhow you found them: a) The efficient (i.e., total surplus maximising) quantity. b) The monopolist’s profit maximising quantity. c) The monopolist’s profit maximising price. d) The monopolist’s optimal profit. e) The deadweight loss.
