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Mat 540 Final Paper

539 Words3 Pages

The following shows the marginal revenue (MR) and demand curves faced by a monopolist. [8 pnts] For the following questions, refer to the above figure and assume a constant marginal cost of $2. a. What is the optimal quantity that it should produce? _____________ b. At what price should it sell its output? ______________ For the following questions, refer to the above figure and assume a constant marginal cost of $6. a. What is the optimal quantity that it should produce? _____________ b. At what price should it sell its output? _____________ c. Assume that the average cost faced by the monopolist when it produces and sells the optimal output is $4, it makes a (loss/profit) of ___________. d. What is the consumer surplus if this were a perfectly …show more content…

The matrix below shows the respective payoffs of your choice of actions. The first number listed in each cell is the payoff to the row player and the second number listed is the payoff to the column player. [4 points] a) Refer to the scenario on the previous page. This is an example of a: b) Refer to the scenario on the previous page. Do you have a dominant strategy? If so what? (Continued on next page) c) Refer to the scenario on the previous page. Does Joe have a dominant strategy? If so what? d) What is a Nash equilibrium? Does one exist in this example? 4) Consider two research companies, Gray Inc. and Brown Inc. If neither company advertises, the two companies split the market and earn $50 million each. If they both advertise, they again split the market, but profits are lower by $10 million since each company must bear the cost of advertising. Yet if one company advertises while the other does not, the one that advertises attracts customers from the other. In this case, the company that advertises earns $60 million while the company that does not advertise earns only $30 million. [4 points] Gray Inc. Don’t Advertise Advertise Brown Inc. Don’t Advertise $50 mil $50 mil $30 mil $60 mil Advertise $60 mil $30 mil $40 mil $40

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