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- Discuss: What is the role of the monopoly? What is market classification and the cross elasticity of the demand?A natural monopoly refers to a monopoly that is defended from direct competition by a. Control over a vital input b. A government franchise c. A patent or copyright d. Economies of scale over a broad range of outputWhat does a firm that is a natural monopoly derive its market power from? Group of answer choices A. Control over a natural resource, like diamonds or crude oil B. Constantly increasing fixed costs C. Patents and other legal protections for innovative products D. Declining average cost for all levels of demand
- A monopoly market is characterized by the profit maximizer, price maker, high barriers to entry, single seller, and price discrimination. The information on the table below is a typical monopoly firm. Use it to answer the questions that follow Output Price Total Cost 0 $100 $200 1 100 290 2 100 350 3 100 390 4 100 470 5 100 560 6 100 700 7 100 900 i. What is the profit maximizing or loss minimizing quantity of output of this firm to produce? Why? ii. What is the profit or loss at the profit maximizing or loss minimizing output level? iii. Should the firm shut down or remain in operation? Why? iv. Assuming this is a representative firm in the industry or market, given the profits or losses incurred, what can be expected to happen over time in the market?All of the following can break a monopoly EXCEPT a. increased barriers to entry b. technology and innovation c. international competition d. changing consumer tastesb) The Fundamental cause of monopoly is barriers to entry. Discuss the main causes of Monopoly.
- The table below depicts the daily output, price, and costs of a monopoly dry cleaner located near the campus of a remote college town. Compute the revenues at each output level and fill in the blanks (Enter dollars and cents and include minus signs where necessary.) Output (Suits Cleaned) 0 1 2 3 4 5 6 8 Price per Suit ($) $14.00 $13.50 $13.00 $12.50 $12.00 $11.50 $11.00 $10.50 $10.00 Total Costs ($) Total Revenue ($) $3.00 $6.00 $8.50 $10.50 $11.50 $13.50 $22.00 $30.00 $40.00 $ $ S S $Question 4: Monopoly graph: Draw a monopoly market experiencing a profit. Show MR, MC, D, ATC an AVC and show the profit area.The accompanying diegram depicts a monopolist whose price is regulated at $10 per unit Use this figure to answer t follow Price 26 24 MC 22 20 18 16 14 12 Regulated Price es 10 8 6. 4 E 0. 1 234 5 6789 1011 12 13 1415 Quantity a. What price will an unregulated monopoly charge? %24 hat quantity will an unregulated monopoly produce?
- 3 13 out of question The graph below shows the demand, revenue and cost curves for a monopoly operating in the short run. Use the graph to answer the questions that follow: Price and costs (dollars per unit) 5 4 3 لیا 2 0 20 MC 40 MR 60 80 100 120 Quantity (units per day) What is the consumer surplus given change from monopoly to perfect competitor? ATC DPrice $100 90 80 70 60 50 40 Quantity Average Total Cost 1 2 3 4 5 6 7 $100 63 52.67 49.50 49.60 50 52.29 TC TR Refer to the above data for a monopoly (Table 4). This monopoly firm will maximize its profit by producing: MR (Quantity) MC Note: Round to the nearest whole number ‒‒‒‒‒‒ Refer to the above data for a monopoly (Table 4). At its profit-maximizing output, this monopoly's total profit will be:Monopoly and Economic efficiency: importance and problem of monopoly market