do fast i will 5 upvotes.no use chatgpt answer. Monopoly I. Use the following information to answer the below questions regardingthis monopoly market for Omega Watches.P=-2Q+48P=4Q+5TC = 10+ 202MC = 4Q Incorrect Question 8IncorrectCalculate the efficient quantity, Q*12Question 9Calculate the dead weight loss for this market, if the monopolist chooses to produceat the profit maximizing quantity.36

Given:Demand: P = -2Q + 48(this is the demand curve because it is downward-sloping)MC = 4Q Efficient…

Answered: Monopoly I. Use the following…

Principles of Microeconomics (MindTap Course List)

8th Edition

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Monopoly

Section: Chapter Questions

Problem 3CQQ

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Similar questions

If the transit system were allowed to operate as an unregulated monopoly, what output would it supply and what price would it charge?
How can a monopolist identify the profit-maximizing level of output if it knows its total revenue and total cost curves?
If a monopoly firm is earning profits, how much would you expect these profits to be diminished by entry in the long run?
Imagine a monopolist could charge a different price to every customer based on how much he or she were willing to pay. How would this affect monopoly profits?
If public utilities are a natural monopoly, what would be the danger in deregulating them?
In what sense is a natural monopoly natural?
Draw the demand curve, marginal revenue, and marginal cost curves from Figure 9.6, and identify the quantity of output the monopoly wishes to supply and the price it will charge. Suppose demand for the monopolys product increases dramatically. Draw the new demand me. What happens to the marginal revenue as a result of the increase in demand? What happens to the marginal cost curve? Identify the new profit-maximizing quantity and price. Does the answer make sense to you? Figure 9.6 Illustrating Profits at the HealthPill Monolpoly
From the graph you drew to answer Exercise 11.6, would you say this transit system is a natural monopoly? Justify. Use the following information to answer the next three questions. In the years before wireless phones, when telephone technology requited having a wile matting to every home, it seemed plausible that telephone service had diminishing average costs and might require regulation like a natural monopoly. For most of the twentieth century, the national U.S. phone company was AT&T, and the company functioned as a regulated monopoly. Think about the deregulation of the U.S. telecommunications industry that has occurred over the last few decades. (This is not a research assignment, but a thought assignment based on what you have learned in this chapter.)
Draw a monopolists demand curve, marginal revenue, and marginal cost curves. Identify the monopolists profit-maximizing output level. Now, think about a slightly higher level of output (sayQ0+1). According to the graph, is there any consumer willing to pay more than the marginal cost of that new level of output? If so, what does this mean?
Suppose demand for a monopolys product falls 50 that its profit-maximizing price is below average variable cost. How much output should the film supply? Hint: Draw the graph.
What is a legal monopoly?
In the middle of the twentieth century, major U.S. cities had multiple competing city bus companies. Today, there is usually only one and it runs as a subsidized, regulated monopoly. What do you suppose caused the change?

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