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5. Graphically depict the
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- C. Assume that if electricity is supplied by competitive firms, the market price is 55 and the quantity supplied is 8 (‘000 KWHs)? What is the amount of the deadweight loss to society of producing electricity by monopolist Global Gas and Electric? (It is helpful to have a graphical illustration based on the data above so you could calculate easily the DWL. )Figure 15-11 Price (dollars per subscription) B MC E Demand Quantity (subscriptions MR per month) In 2011, Verizon was granted permission to enter the market for cable TV in Upstate New York, ending the virtual monopoly that Time Warner Cable had in most local communities in the region. Figure 15-11 shows the cable television market in Upstate New York. Refer to Figure 15-11. Suppose the local government imposes a $2.50 per month tax on cable companies. What happens to the price charged by the cable company following the imposition of this tax? O The price rises from PM but it increases by an amount greater than $2.50 to reflect the monopoly's markup. O The price remains at PM- O The price rises from PM to (PM + $2.50). O The price rises from PM but it increases by an amount less than $2.50.What is meant by consumer surplus and producer surplus? Using a diagram show that there is a deadweight loss to society from monopoly in terms of total surplus.
- 3a) MONOPOLY REGULATION. Suppose that you had a monopoly on water which has a MC=$1 per litre and an initial fixed cost of $50 to set up. Explain using the graph below, how you would choose to set price and output, and what the approximate price and quantity would be. $12 $10 $8 $6 $4 $2 demand $0 0 50 100 150 200 250 300 350 litres 70 b) Illustrate the Consumer Surplus, Producer Surplus, AND Deadweight loss of the monopoly market and explain whether the market is efficient. c) Explain and illustrate the price, quantity and marginal value if the government chooses to regulate the monopoly by setting a socially optimal price. Explain whether this is efficient.5. The market demand for super-sticky glue is Q = 240 - 6P and the market supply is Q = -60 + 4P. a.Calculate the deadweight loss of a tax of S4 per unit levied on producers of super- sticky glue. b. How does deadweight loss change if the tax is levied on consumers of supersticky glue?Suppose that the figure given below depicts the demand for grape oll, which can be purchased in any quantities and sold at any price. Price per litre 6 5 A 3 2 1 0 D 100 200 300 400 500 600 700 800 900 1000 Quantity per period a) What is the total consumer surplus if the price per litre is $3.0? (Hint: Area of a triangle?) Total consumer surplus: $ b) What is the total consumer surplus if the price per litre is $1.0? Total consumer surplus: $
- Suppose that the government instituted a per-unit tax on the output of a monopoly firm. A. graph this situation? B. On the same graph show what would happen to the market equilibrium after implementation of such a tax? C. On the same graph how would you show which economic actor pays most of the tax? You are to not only draw the graph but also explain the answerwhat is the deadweight loss due to a $2 tax? a) 200 b) none 50 100 e) 150 7- Domestic supply 6- Domestic Demand 500 Quantity 5. 4- 2- 1. 100 200 300 400Why must local governments pay attention to the types of products they tax. Describe in detail how the elasticity of these products impacts the expected revenue to be generated by these local Governments
- 4. If government mandates P = ATC, are profits positive, negative, or zero? Compared to monopoly pricing, is deadweight loss smaller, larger, or the same size? If government mandates efficient pricing, are profits positive, negative, or zero? Compared to monopoly pricing, is deadweight loss under efficient pricing smaller, larger, or the same size? Compared to a mandate where P = ATC, is deadweight loss under efficient pricing smaller, larger, or the same size? Is this a natural monopoly?3. It is frequently asserted that taxes on cigarettes and beer are regressive, because poor individuals spend a larger fraction of their income on such items than do better-off individuals. How would your estimate of the degree of regressivity be affected if you thought these commodities were produced by: a. Competitive industries with inelastic supply schedules? b. Monopoly with a linear demand schedule? c. Monopoly facing a constant elasticity demand schedule?Suppose the government imposes a $2 tax on this market 10 X 12345678910 QUANTITY Refer to Figure 6 14 Suppose D,represents the demand curve for gasoline in both the short run and long run, S,represents the supply curve for gasoline in the short run, and Sprepresents the supply curve for gasoline in the long run. After the imposition of the $2 ux, the price paid by buyers will be Select one: O a. unable to be determined without additional information Ob higher in the long run than in the short run OC. higher in the short run than in the long rus Od. equivalent in the short run and the long run.
