6. (20 pts) Explain your diagram and show your work. Tanya’s Trucking (T2) has a local...

6. (20 pts) Explain your diagram and show your work. Tanya’s Trucking (T2) has a local monopoly in trucking services. The demand curve and cost curve faced by her firm are as follows: P = 2410 – 4Q C = 50,000 + 10Q + 4Q2

a. Calculate the profit maximizing price and quantity. Calculate monopoly profit. Use a diagram to illustrate your answer. Show the Demand, MR and MC curves. You do not need to show the AC curve. Show the consumer and producer surplus which results from monopoly on your diagram.

b. What would output and price equal if T2 acted like a perfectly competitive firm and set P = MC? Show the perfectly competitive outcome and the resulting producer and consumer surplus on your diagram from part a.

c. Identify the welfare gain from moving to perfect competition from monopoly on your diagram and then compute the value of this gain.

Expert Solution

Rahul Sunny answered 1 week ago

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