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Question 1 Hasbro (which owns Parker Brothers has a monopoly in the market for the game Monopoly. Suppose the inverse demand function for Monopoly is p(2) 40 and the cost function is (1) How many Monopoly games will Hasbro sell? At what price? What will be their profit? (2) Calculate the Lerner Index for Hasbro. (3) What is the consumer surplus and producer surplus in the market for Mo- nopoly? How do these values differ and how much deadweight loss is created compared to the case where the market is competitive (4) Suppose demand shifts to p (Q) 344 for some number b. Find values of b where the quantity of Monopoly games is less than, greater than, and equal to the quantity you found in Part (1) (one value of b for each case).
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