3. Figure 13.14 illustrates the situation facing the publisher of the only newspaper containing local news in an isolated community. The publisher’s marginal cost for the new plant is constant at 20 cents per copy printed.
a. What quantity of newspapers will maximize the publisher’s profit?
b. What price will the publisher charge for a daily newspaper?
c. What is the publisher’s daily total revenue?
d. At the price charged for a newspaper, is the demand for newspapers elastic or inelastic? Why?
4. In the monopoly newspaper market described in problem 3,
a. What is the efficient quantity of newspapers to print each day? Explain your answer.
b. When the market is a monopoly, what is the consumer surplus of the readers of the newspaper?
c. What is the deadweight loss created by the monopoly newspaper publisher?
5. What is the maximum value of resources that will be used in rent seeking to acquire Dolly’s monopoly in problem 1? Considering this loss, what is the total social cost of Dolly’s monopoly?
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