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Suppose that De Beers is a single-price monopolist in the market for diamonds De Beers has five potential customers Raquel Jackie Joan Mia and Sophia Each of these customers will buy at most on

Suppose that De Beers is a single-price monopolist in the market for diamonds. De Beers has five potential customers: Raquel, Jackie, Joan, Mia, and Sophia. Each of these customers will buy at most one diamond-and only if the price is just equal to, or lower than, her willingness to pay. Raquel’s willingness to pay is $400; Jackie’s, $300; Joan’s, $200; Mia’s, $100; and Sophia’s, $0. De Beers’s marginal cost per diamond is $100. This leads to the demand schedule for diamonds shown in the accompanying table.

May 02 2020 View more View Less

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