31 May ControlSoft, Inc. is a supplier of inventory management an
Question
a) Assuming the industry is perfectly competitive, calculate the domestic equilibrium price and output combination.
b) Now assume that ControlSoft lobbies for and obtains import restrictions which eliminate their leading competitors, giving them a monopoly in the domestic market. Based on the same demand and supply conditions above, calculate the new equilibrium price and output combination. For this problem assume that TR = 750Q – 0.0005Q2 and MR = 750 – 0.001Q, while the industry supply curve now represents their marginal cost curve since the firm is now a monopoly. Note: You will need to rewrite the supply equation in terms of price to get their marginal cost curve.
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