04 Jun Question Econ 302 Homework 5 Read these instructions carefully!
Question
Econ 302
Homework 5
Read these instructions carefully!
Carefully answer each of the questions below.
You need to show your work, not just the final answer.
You can write or type your answers for the questions.
Please put your name and PSU ID number at the top of the 1st page.
You may use as many sheets of paper as you need.
If you did parts by hand:
Scan your entire document (including the parts you typed and the parts done by hand).
Save the file on your computer (.PDF format preferred) and then upload it to the ANGEL dropbox for this homework assignment.
Merge the separate PDFs into one file using a service such as (PDFMerge!).
Failure to submit a single file will result in points being deducted.
If you typed everything:
Save the file on your computer (.doc or .docx format) and then upload it to the ANGEL dropbox for this homework assignment.
Be sure your assignment is all on one file. Failure to submit a single file will result in points being deducted.
1. (30 points) Suppose a monopolist faces the following demand curve: P = 596 – 6Q.
If the long run marginal cost of production is constant and equal to $20.
a) (5 points) What is the monopolist’s profit maximizing level of output?
b) (5 points) What price will the profit maximizing monopolist charge?
c) (5 points) How much profit will the monopolist make if she maximizes her profit?
d) (5 points) What would be the value of consumer surplus if the market were perfectly competitive?
e) (5 points) What is the value of the deadweight loss when the market is a monopoly?
f) (5 points) What is the value of the Lerner Index for this monopoly?
2. (36 total points) Suppose that two players are playing the following game. Player 1 can choose either Top o
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