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Suppose we have a market demand Q = 18 – P and a cost C(Q)=1/2Q2
Suppose we have a market demand Q = 18 – P and a cost C(Q)=1/2Q2.
a. What is the inverse demand?
b. What is the competitive equilibrium market quantity and price?
c. If the market had a monopoly, what is the equilibrium quantity and price? Set up the profit maximization and show all steps.
d. What is the mark up?
e. What is the monopoly's profit?
f. What is the deadweight loss compared to perfect competition?
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