BEST ANSWER up for grabs! Please help! Short Economics monopolistic question including deadweight loss!?

i) To find the monopolists profit max price and output, we need to set MR = MC. For that we need Total Revenue, and Marginal cost is already given. So lets find TR: TR = (P)(Q), price is 100 - 2Q so TR = (100 - 2Q)(Q) ==> TR = 100Q - 2Q^2...

Now lets find Marginal Revenue: MR = 100 - 4Q, b/c MR is the change (so you find the derivative).

Now, find Profit Max. :

MR = MC

100 - 4Q = 20

100 - 20 = 4Q

80 = 4Q

Q = 20...

Now Price:

P = 100 - 2Q

P = 100 - 2(20)

P = 60$...

ii) Its easier to explain dead weight loss with a graph but since there is no chance of making one, I'll try my best:

In Monopoly Outcome, a firm is a price setter so P does not equal MC while in a competitive market P = MC so you just subtract the total that consumer is willing to pay (100) with the price and multiply with the quantity that you get at that price.

Hope this helped!!!

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