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Micro: Perfect and Monopolistic Competition

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domyy
#1
May5-12, 07:33 PM
P: 222
Hello guys,

There is something that I should study but is not on my book.

I am trying to find other explanations online but I can't.

So, it's pretty much to calculate quantity and price for perfect competition and monopolistic competition.

Then, consumer surplus for perfect competition and monopolistic competition.
Then, ∏ (profit) for both,
Then, deadweight loss for both.

Then, I should graph it. Take all the numbers, the information I got, and have them in one graph.

But I am lost. This is one of the examples my prof gave in class. I would like someone to give me, PLEASE, a better and easier explanation.


It all starts with P = 12 - 2Q MC = 4
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Pyrrhus
#2
May6-12, 03:11 AM
HW Helper
Pyrrhus's Avatar
P: 2,279
Here's a hint the MC is the supply function.
domyy
#3
May6-12, 03:19 PM
P: 222
I know that for perfect competition, P = MC
So,
12 - 2q = 4
q = 4
p = 4

For monopolistic competition MR = MC

Now, how to find MR?

domyy
#4
May6-12, 10:19 PM
P: 222
Micro: Perfect and Monopolistic Competition

Never mind. I already know how to solve it. Thanks.


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