Homework Answers
Answer
the market is in equilibrium at Qd=Qs
240-6P=2P
8P=240
P=30
Q=240-6*30=60
inverse demand curve is
Q=240-6P
6P=240-Q
P=40-(1/6)Q
CS=0.5*(Y-axis coefficient of the demand curve -P)*Q
=0.5*(40-30)*60
=$300
the consumer surplus is $300
option b
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Please answer question B
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please show work
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Suppose demand in a market is P 120 Q 240 2P This is a monopoly market, where MC = 30. There are no fixed costs. (a) Illustrate demand, marginal cost and marginal revenue in a figure (b) What is the profit-maximizing quantity? Explain why. How big is the profit? (e) How large is the socio-economically optimal quantity? Explain why. How big is the loss of welfare if you instead choose the quantity that maximizes the profits of the monopoly company?...
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Please answer question B
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4) Consider the following perfectly competitive market for board...
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