Monopoly single-price: Price & output decisions
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Intros
Lessons
- Monopoly Single-Price: Price & Output Decisions Overview:
- Maximizing Profit with Total Revenue & Total Cost
- Use a Table to Keep Track of Information
- Calculate Total Revenue & Cost
- Calculate Profit
- Find the One with the Highest Profit
- Maximizing Profit with MR = MC
- Graphically: Graph MR, MC, ATC and Demand
- Find the intersection of MR and MC
- Algebraically: Find equations and set MR = MC
- Solve and find q and p
- Find the Economic profit
- Deadweight Loss in Single-Price Monopoly
- Monopoly is inefficient
- Consumer & Producer Surplus
- Deadweight Loss
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Examples
Lessons
- Graphically Maximizing Profit
Consider the following graph:
- Consider the following graph:
- Algebraically Maximizing Profit
Consider the following formulas:p = 100 - 4q MC = 50 + 2q - Consider the following formulas:
p = 60 - 2q MC = 20 + q - Finding the Deadweight Loss, Consumer Surplus, & Producer Surplus
Consider the following graph: - Consider the following functions:
p = 2 - 2q MC = 2q