Economics Homework Help

7 . ( 24 points ) Suppose a freak storm destroys all the beekeeping operations in theregion except Myrtle’s so that she is now a monopoly . Suppose further that thedemand schedule for honey in the region is given byTRMR30 0027:50250012 122501 14 320.0017 50pittI. . How much revenue does Myrtle earn from selling three gallons of honey ?THE WHILEb . What is the marginal revenue associated with the fourth gallon of honey ?PC. As a single or ice monopoly what is Myitle’s profit maximizing output level ? What isher prom slo price monoTHE MESSAGEALL 4 6THEWith Myrtle operating as a monopoly is this market efficient ? Briefly explain youraswerSuppose Myrtle could perfectly price discriminate what would her profit maximizingbutput ever be ? What would her profit be ?6. Is the market efficient when MyrtleYou answertheComineffect price discrimination ? Briefly explain