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Business · Economics
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1. [20] A monopolist with cost function c(Q) = 2 faces a consumer whose demand functions are given by. 01 20 P and Q2 40 2P. (a) 5] Suppose the monopolist cannot engage in any price discrimination. Find the firms optimal pricing strategy. Calculate the firms Lerner index. (b) 15) What is the deadweight loss (relative to the competitive market out- come) associated with this pricing strategy, if any? (c) 15) Now, suppose price discrimination is possible. Find the monopolists optimal third-degree price-discrimination strategy. Which consumer is more inelastic at the optimal solution? (a) [5 What information is required for the monopolist to be able to use third-degree price discrimination? Give a real-life example where third- degree price discrimination is used.

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