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s] Monopco faces the market demand curve fo r widgets. This market demand is Q=20-p (which we could rearrange to get p=20-Q). This means that if p=20, then Q=0; if p=19, Q=1; if p=18, Q=2, etc. The marginal cost of production (MC) is always $4.The average total cost of production (ATC) is also alwa ys $4. (a) [6 marks] Set up a table showing price, quantity, t otal cost and total revenue (TR) for price descending from 20 to 0. Use this to calculat e marginal revenue (MR). Note, for MR you need to go ‘between’ each of the q-level s . (b) [6 marks] Draw a diagram showing Monopco’s situatio n, including its demand, MR, MC and ATC curves. (c) [6 marks] Show how many widgets Monopco will produc e, and the price it will charge for each widget. Calculate the firm’s profit s and the DWL it creates. Show these areas on your diagram. (d) [4 marks] Recalculate the DWL that would occur if i instead MC=ATC=0 for all widgets. Is this DWL higher or lower than in pa
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