Economic Analysis of Monopoly Pricing and Strategic Game Theory: Problem Set 4

A completed problem set on monopoly pricing and strategic game theory.

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ECON 213Page1of5DO NOT COPY EXACTLY.MAY GET CAUGHT INPLAGIARISMECONOMICANALYSISOFMONOPOLYPRICINGANDSTRATEGICGAMETHEORY:PROBLEMSET4SPROBLEMSET4Name: ______________________________________Problem Set 4 isdueby 11:59 p.m. (ET) onFridayof Module/Week 8.1.Monopolies can sometimes find themselves in difficult financial situations that lead to losses.Suppose Mr. Burns’ power company has a monopoly for providing electricity in Springfield.His costs of upkeep are so high that he isconsistentlylosing money.a.)Show this outcome in a completely labeled graph. Clearly identify all parts of your graph,including the best price and output for the firm as well as the losses.

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