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Principles of Microeconomics
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The following diagram shows the functions for a natural monopoly:
What is the consumer surplus if this monopoly is price regulated?
The following diagram shows the functions for a natural monopoly:
What is the deadweight loss if this monopoly is publicly owned?
Ruby is the only supplier of gasoline in a small town. Ruby's optimal quantity is where her marginal revenue ________. Ruby's supply curve ________.
The following functions apply to a single-price monopoly:
TC = 8280 + 23Q + 0.15Q2
MC = 23 + 0.3Q
Demand: P = 245 - 0.1Q
The monopolist chooses their profit maximizing quantity.
Calculate their PROFIT.
The table below shows the information about demand and costs for a single-price monopoly.
The firm chooses their optimal price and quantity.
What will be their profit?
| Q | P | TR | MR | TC | MC | ATC |
| 0 | 440 | 0 | 310 | |||
| 1 | 418 | 418 | 418 | 332 | 22 | 332.0 |
| 2 | 396 | 792 | 374 | 376 | 44 | 188.0 |
| 3 | 374 | 1122 | 330 | 442 | 66 | 147.3 |
| 4 | 352 | 1408 | 286 | 530 | 88 | 132.5 |
| 5 | 330 | 1650 | 242 | 640 | 110 | 128.0 |
| 6 | 308 | 1848 | 198 | 772 | 132 | 128.7 |
| 7 | 286 | 2002 | 154 | 926 | 154 | 132.3 |
| 8 | 264 | 2112 | 110 | 1102 | 176 | 137.8 |
| 9 | 242 | 2178 | 66 | 1300 | 198 | 144.4 |
| 10 | 220 | 2200 | 22 | 1520 | 220 | 152.0 |
| 11 | 198 | 2178 | -22 | 1762 | 242 | 160.2 |
| 12 | 176 | 2112 | -66 | 2026 | 264 | 168.8 |
| 13 | 154 | 2002 | -110 | 2312 | 286 | 177.8 |
| 14 | 132 | 1848 | -154 | 2620 | 308 | 187.1 |
| 15 | 110 | 1650 | -198 | 2950 | 330 | 196.7 |
| 16 | 88 | 1408 | -242 | 3302 | 352 | 206.4 |
| 17 | 66 | 1122 | -286 | 3676 | 374 | 216.2 |
| 18 | 44 | 792 | -330 | 4072 | 396 | 226.2 |
| 19 | 22 | 418 | -374 | 4490 | 418 | 236.3 |
| 20 | 0 | 0 | -418 | 4930 | 440 | 246.5 |
The diagram below shows a single price monopoly.
The monopolist chooses their optimal quantity.
Calculate the deadweight loss.
*** Correct answers will receive 1 mark. Incorrect answers will receive -0.75 mark. An answer left blank will receive 0 marks. So decide carefully before you answer.***
*** Correct answers will receive 1 mark. Incorrect answers will receive -0.75 mark. An answer left blank will receive 0 marks. So decide carefully before you answer.***