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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 213 Page 1 of 5 DO NOT COPY EXACTLY . M AY GET CAUGHT IN PLAGIARISM ECONOMIC ANALYSIS OF MONOPOLY PRICING AND STRATEGIC GAME THEORY: PROBLEM SET 4 S P ROBLEM S ET 4 Name: _____ _________________________________ Problem Set 4 is due by 11:59 p.m. (ET) on Friday of 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 is consistently losing 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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