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14. Suppose that a firm has a monopoly on a good with thefollowing demand schedule:Price Quantity Price Quantity$10 0 $4 6$ 9 1 $3 7$ 8 2 $2 8$ 7 3 $1 9$ 6 4 $0 10$ 5 5a. What price and quantity will the monopolist produce at if the marginal cost is aconstant $4?b. Calculate the deadweight loss from…
You need to calculate the total revenue (TR) and marginal revenue (MR) from each level of output. TR = P*Q; MR = (TR from this quantity – TR from one less). Here’s what a table would look like (I know this isn’t neat): P, Q, TR, MR 10, 0, 0, 0 9, 1, 9, 9 8, 2, 16, 7 7, 3, 21, 5 6, 4, 24, 3 5, 5, 25, 1 4, 6, 24, -1 3, 7, 21, -3 2, 8, 16, -5 1, 9, 9, -7 a. The monopolist would keep producing as long as MR >= MC. With a constant MR=4, he would produce the 3rd unit (but not the 4th). b. A competitive firm would have produced until MC =…

e, so it would have produced 6 units at a price of 4 apiece. The lost consumer surplus is the difference between a consumer’s willingness to pay (given by the demand curve) and the price, for all of those “unproduced” units. From the 4th: ($6 – $4) = $2. From the 5th unit: $5 – $4 = $1. From the 6th: $4-$4 = 0. Altogether, it’s $2 $1 $0 = $3 of deadweight loss.



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