How much profit does the monopolist earn? how much consumer, Ask an Expert

Economics

Suppose that the demand for tickets to a game is given by P=100-0.002A, and the corresponding marginal revenue is MR=100-0.004A, where A is the number of attendees. Assume that the constant marginal cost of fan attendance is 10. a) What are the price and attendance with competition? b) how much consumer surplus exists? c) What are the monopoly price and attendance? d) How much profit does the monopolist earn? e) How much consumer surplus is left? (if any) f) Calculate the social welfare loss.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9438441

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