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McCullough has a monopoly on rental dwellings in the local community. The demand for rental ...

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McCullough has a monopoly on rental dwellings in the local community. The demand for rental ...

McCullough has a monopoly on rental dwellings in the local community. The demand for rental dwellings is QD = 70,000 - 50P  P = 1,400 - 0.02 QD. The resulting marginal revenue function is MR(Q) = 1,400 - 0.04 QD. McCullough's marginal cost of providing rental dwellings is
MC(Q) = 0.01Q + 20. Suppose that to ease the burden on renters, the local community has instituted a price ceiling of $480. Does consumer surplus increase due to this price ceiling? Does social welfare increase as a result of the price ceiling?

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Microeconomics

Edition: 8^th

Author: Pindyck

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corie Author

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Thanks

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