Monopoly: How to Graph It

Brief video covering the basics of graphing a monopoly.

Category:

Education

Tags:

• Microeconomics
• Monopoly
• Economics
• Theory of the Firm
• TechSmith_Jing
• graph

[retrokidm1]

Great Job, How would the whole graph look if the Monopoly had an inelastic product like for example Pharmacy B had vaccination that can cure AIDS and patented it, since the disease can be life threatening consumers are willing pay money to cure them of this disease so in a sense Pharmacy B realizes the demand for the vaccination how will this hypotheical situation look on the graph?

[KylePurpuraLCS]

@retrokidm1 In the situation you have described, it would probably be a pharmaceutical company that produces the drug to enjoy the monopoly power rather than a pharmacy. In the case you describe, you can indicate relative inelasticity of demand by drawing a fairly steep demand curve and a very steep marginal revenue curve (but not perfectly inelastic).

[KylePurpuraLCS]

Excellent! Thanks for your response. Best wishes for your continued studies.

[Lyoneidas]

you are awesome, I did well on my test because of you

[nicolasortizm]

you have a gift..... i'm from latin america and i get it perfectly.... thanks

[KoolA1d]

Please continue making videos!

[G35Sajan]

Thank you very much! Finally it makes sense

[GenryHale]

Really good explanation. I also tried to describe monopolies but in a much more visual style. Watch it, if you like.

[krispykremerocks]

thanks! :):)

[MJNT100]

wow! this was really good graphing and explanation! thanx!