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Answer to Question #71629 in Microeconomics for Saad
Question #71629
1. Use the following market demand and supply equations to answer questions a and b
Qd = 100 – P, and Qs = 10 + 2P and
ATC = 0.5Q
a) Calculate the competitive market’s profit-maximizing price, quantity, and profit
b)Now assume, the market above is a Monopolist’s market. Calculate the Monopolist’s profit-maximizing price, quantity, and profit.
c)Use one graph to show everything you calculated in part a and b of this question. When you look at the graph, how is the price, quantity, and profit of the monopolist different from the competitive market?
Qd = 100 – P, and Qs = 10 + 2P and
ATC = 0.5Q
a) Calculate the competitive market’s profit-maximizing price, quantity, and profit
b)Now assume, the market above is a Monopolist’s market. Calculate the Monopolist’s profit-maximizing price, quantity, and profit.
c)Use one graph to show everything you calculated in part a and b of this question. When you look at the graph, how is the price, quantity, and profit of the monopolist different from the competitive market?
Expert's answer
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#340153 on Dec 2023
#340153 on Dec 2023
Comments
Dear Muhammad Saad, please submit new question.
It is so nice to see such response and extremely helpful. But it didnt answer my b and c part.
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