(Answered) Suppose that the demand curve is p 50

Management Studies

Suppose that the demand curve is P = 50 - Q and the cost function is C = 10q + f .

(a) For f equals 1, 10, and 100, find:

(i) The total surplus if there is a single supplier required to meet demand at price equals average cost.

(ii) The total surplus if the unregulated market structure is the Cournot free-entry equilibrium.

(iii) The total surplus if there is an unregulated monopolist.

(b) For each of the three values for f (i) compute the relative welfare loss of outcomes (ii) and

(iii) by taking the ratio of their total surplus relative to the total surplus under (i).

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Business Management, Management Studies

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