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Final Exam Questions ECO_101 (Sec 16_A Spring 2020).docx – Word (Product Activation Failed)? ” – 5XFILEHOMEINSERTDESIGNPAGE LAYOUTREFERENCESMAILINGSREVIEWVIEWACROBATTalha Omi -of CutCopyArial- 11 – A A Aa- A = = . F. HE N 1AaBbCcDd AaBbCc[ AABB( AaBbCc AaBbCcDd AaBbCcD AaBbCc[ AaBbCcD, AaBbCcD AaBbCcDd AaBbCcDdH FindPasteBI U – abe X2 X’ AZZ . A . = = = 1 2 .Sac ReplaceFormat Painter1 Normal1 qsmTitleHeading 1 1 No Spac… 1 Table Pa… Heading 2 Heading 3SubtitleSubtle Em…EmphasisSelect ~ClipboardFontParagraphStylesEditingQ8. Use the figure below to answer the following questions:(Total 20 Marks.)a. If the market is perfectly competitive, what would be value of profit? Showcalculation of the value below (Hint: Profit = TR – TC)(6 Marks)b.If the market is a monopoly market, what would be the value of profit? Showcalculation of the value below. (Hint: Profit = TR – TC)(6 Marks)In perfectly competitive market, what is the area of consumers’ surplus?(3 Marks)d. Under the Monopoly market, what is the area of consumers’ surplus?e. Also under a Monopoly market, what is the area of deadweight loss?(3 Marks)(2 Marks)PriceA90C50BOEMC = ATC- – – -DMR050100QuantityNote that you are asked to show the area – not to calculate the value. ForExample: you can write (A.C.90) as the area of top triangle of thegraph.AGE 3 OF 101499 WORDS–100%

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