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Economics

1. Explain why a patent may not grant monopoly rights to a firm.

2. Show mathematically why MR is always lower than the demand curve for a monopoly.

3. The market for cable television in San Diego is a monopoly.

a Graph the market for cable television in San Diego and indicate the monopoly price and quantity.

b. On your graph, indicate the competitive price and quantity.

c From your graph, indicate the amount of consumer surplus, producer surplus and total surplus in the market with the monopoly.

d. From your graph, indicate the amount of consumer surplus, producer surplus and total surplus in the market if it was a competitive market

4. The market for Celebrex®, a drug for pain, is a monopoly. The market demand for Celebrex is Q^D = 100 - 1/2P and the cost function is C = Q².

a What is monopolistic price and quantity?

b. What is the competitive price and quantity?

5. The market for fast food hamburgers is monopolistically competitive.

a Graph the market for a single firm in the fast food hamburger market b. How much profit does the firm earn in the long-run?

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