Suppose That a Monopolist Has a Cost Function Given by C(q)=

question 17

Essay

Suppose that a monopolist has a cost function given by C(q)= 10 + 2q + 0.5q².The (inverse)demand for the product is given by P(q)= 47 - q.The government levies a tax of $9 per unit,to be paid to the government by the monopolist.
(a)What is the market quantity and price?
(b)The government levies a tax of $9 per unit,to be paid to the government by the monopolist.What is the new market price and quantity?
(c)How much of the tax do the consumers bear? How much does the monopolist bear?

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Definitions:

Collective Unconscious

A concept proposed by Carl Jung, referring to the part of the unconscious mind that is derived from ancestral memory and experience, common to all humankind.

Carl Jung

A Swiss psychiatrist and psychoanalyst who founded analytical psychology, known for concepts like archetypes, the collective unconscious, and individuation.

Mores

Are core norms that most people believe are essential for the survival of their group or their society.

Laws

A system of rules created and enforced through social or governmental institutions to regulate behavior.