Economics Report: Monopoly Behavior, Costs, and Government Policies

This economics report analyzes the behavior and objectives of a monopoly firm, using the Indian Railways as a case study. It calculates short-run and long-run costs, revenue, and profit maximization strategies. The report examines macroeconomic policies of the Indian government, including GDP trends, business cycles, inflation, unemployment, fiscal, and monetary policies, and their impact on the industrial sector. The analysis includes tables detailing cost and revenue calculations, and discusses government intervention to correct market failures. The report concludes by highlighting the relationship between economic policies and the performance of the monopoly firm.

Running head: ECONOMICS
Economics
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Executive Summary
The aim of this paper is to identify the behavior and objectives of a monopoly firm. It measures
the cost functions, revenues and possible profits of the concerned organization. The goal of the
paper is to recognize the macroeconomic policies and decisions of the Indian government and
their effects on the industrial sector. This paper includes the 10-year GDP trends of Indian
economy and their relation with the different phases of business cycle. This report incorporates
the unemployment and inflation data of the Indian economy and tries to justify the relation
between the two. Lastly, it connotes the impact of fiscal and monetary policy on the different
sectors of an economy and relates with the concerned product in our study.

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Table of Contents
Introduction......................................................................................................................................3
Analyzing the profit maximizing actions of the Indian railways....................................................3
Calculating the short-run and long-run costs...............................................................................4
Revenue calculation of the monopoly firm.................................................................................5
Monopoly profit of the firm.........................................................................................................6
A monopolist's profit maximization strategy...............................................................................6
Macroeconomic concern and policies of the government...............................................................8
Business cycles and their impact on the firms...........................................................................10
Inflation and unemployment......................................................................................................11
Fiscal policy...............................................................................................................................13
Monetary policy of the country.................................................................................................15
Conclusion.....................................................................................................................................17
References......................................................................................................................................18

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Introduction
Monopoly signifies unified power and domination over a market system. India is a
diverse economy with a significant regulation of the public sector over the nation’s operations
and activities. Indian railway transport sector is claimed to be having monopoly control over the
market and is a perfect example of natural monopoly (Bhanot & Singh, 2014). The principal
motive of a firm is to maximize its profit. Thus, it tries to comprehend strategies to increase
sales. A monopolist creates market inefficiencies. It charges a higher price for a limited supply
of output. Buyers are affected by the burden of a higher price. Government intervenes in the
monopoly market with the objective of correcting the market failure and increase social welfare.
It binds the monopolist with price ceiling so that it cannot charge a higher price (Askar, 2013).
The main objective of this paper is to comprehend the profit maximization behavior,
pricing strategies and future revenue goals of a monopoly firm. This paper will try to identify the
plausible causes of market failure and the required steps undertaken by the authority to combat
these adverse situations. The article begins with briefing the short-run and long-run cost,
revenue and profit calculations of the concerned sector. This briefly explains the profit motives
and the existing failures, and the possible government policies to reduce the hurdles. Moreover,
this report highlights the effect of these policies on the business sector of the economy.
Analyzing the profit maximizing actions of the Indian railways
Any firm under monopoly produces an output where its marginal revenue equals
marginal cost, yet charges a price meeting at average income. A monopoly charges a higher rate
for a similar quantity of output compared to a perfectly competitive firm hence causes
inefficiency in the market (Chen & Schwartz, 2013). For example, rail transport in India is
considered to be a natural monopoly with efficient pricing technique, regulated by the

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administration. It has large-scale infrastructural cost and strict barriers to entry for new firms
(Askar, 2013).
Table 1: Short-and long-run cost of the firm (in dollars)
Units of output
(Q)
Total fixed cost
(TFC)
Total variable
cost (TVC)
Total cost
(TC)
Average
cost (AC)
Average fixed
cost (AFC)
Average variable
cost (AVC)
Marginal cost
(MC)
0 500000 0 500000 0 - - -
100 500000 300000 800000 8000 5000 3000 3000
200 500000 600000 1100000 5500 2500 3000 3000
300 500000 900000 1400000 4667 1667 3000 3000
400 500000 1200000 1700000 4250 1250 3000 3000
500 500000 1500000 2000000 4000 1000 3000 3000
600 500000 1800000 2300000 3833 833 3000 3000
700 500000 2100000 2600000 3714 714 3000 3000
800 500000 2400000 2900000 3625 625 3000 3000
900 500000 2700000 3200000 3556 556 3000 3000
1000 500000 3000000 3500000 3500 500 3000 3000
(Source: Created by Author)
Calculating the short-run and long-run costs
In the short-term period, the firm bears both variable and fixed costs, that is, if a firm is
currently not producing it still has to stand the depreciation costs along with the costs of
producing present output (Cowell, 2018). Thus, the short-run the cost equals AFC + AVC, which
is equal to $44645. On the other hand, in the long run, all costs of the firm are grouped into
variable costs, as there is enough time for the firm to reduce its expenses through improvements

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in technology. Fixed costs include the salaries of employees, maintenance expenses, capital
depreciation whereas; variable costs are the introduction of new technologies, infrastructure
development to improve service quality. Thus, the long-run cost equals total cost, which is equal
to TFC + TVC and is equal to $22 million.
Revenue calculation of the monopoly firm
Total revenue of a firm is the amount generated from selling output at the prescribed
price of the inefficient monopolist (Sahoo, Mehdiloozad & Tone, 2014). However, this is not the
case with a natural monopolist. The price is set at a standard, which can be afforded even by a
nonprofessional. Thus, the total revenue of the firm is $42.9 million.
Table 2: Monopoly firm's revenue and price setting behavior (in dollars)
Units of output (Q) Price (P) Total revenue (TR) Average revenue (AR) Marginal revenue (MR)
$0 $9,200 $0 $0 -
$100 $9,000 $900,000 $9,000 $9,000
$200 $8,800 $1,760,000 $8,800 $8,600
$300 $8,600 $2,580,000 $8,600 $8,200
$400 $8,400 $3,360,000 $8,400 $7,800
$500 $8,200 $4,100,000 $8,200 $7,400
$600 $8,000 $4,800,000 $8,000 $7,000
$700 $7,800 $5,460,000 $7,800 $6,600
$800 $7,600 $6,080,000 $7,600 $6,200
$900 $7,400 $6,660,000 $7,400 $5,800
$1,000 $7,200 $7,200,000 $7,200 $5,400
(Source: Created by Author)

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Monopoly profit of the firm
Profit is that one pill that pinches people to take up the decision of running a business or a
firm. Profit is that extra income that a business yields when the revenues exceed expenditures on
production (Baumol & Blinder, 2015). Like the infrastructural costs, machine costs, salaries of
employees, maintenance costs and many other expenditures. Whereas, the revenue receipts for
the government are from the ticket fares by passengers, daily commuters and e-catering services.
Therefore, the profit of the organization is $20.9 million.
Table 3: Profit of the firm (in dollar)
Units of output (Q) Total revenue (TR) Total cost (TC) Profit
0
$0 500000
0
100
$900,000 $800000 $100000
200
$1,760,000 $1100000 $660,000
300
$2,580,000 $1400000 $1,180,000
400
$3,360,000 $1700000 $1,660,000
500
$4,100,000 $2000000 $2,100,000
600
$4,800,000 $2300000 $2,500,000
700
$5,460,000 $2600000 $2,860,000
800
$6,080,000 $2900000 $3,180,000
900
$6,660,000 $3200000 $3,460,000
1000
$7,200,000 $3500000 $3,700,000
(Source: Created by Author)
A monopolist's profit maximization strategy

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A monopolist charges a price that is equal to the market demand of the product, corresponding
to the intersecting point of marginal revenue and the marginal cost of the firm. This firm charges
a higher price for a lower level of output. A monopolist is comfortable in the area where the
additional revenue is positive and is higher than the per-unit revenue (). It increases the level of
output production until it reaches the point where MR=MC and avoids the region after that. A
monopolist earns a supernormal profit when there are no limitations to its pricing and
inefficiency decisions (Chen & Schwartz, 2013). However, this is not the scenario in working
market conditions where there is a higher authority limiting the decisions and objectives of firms.
In real-life situations, there is no existence of monopoly, yet there is a presence of a natural
monopoly, which works under government intervention. For example, In the case of the
railways, the government decides the price and services to be offered to the consumers. This
natural monopolist organization earns an economic profit, and the revenue receipts go to the
government for public expenditures.
A monopolist firm causes market failure by restricting the level of output to maximize
profit margins. As there is no close substitute and being the sole supplier of the product, a
monopolist firm abuses its power by setting a price at a higher level for lower production of
output. Absence of competition induces the firm to become less innovative and inefficient. The
AR curve determines the market demand curve and the price-setting level of the firm (Sharma,
2016). The high degree of price tends to neglect the welfare of the consumer, as the buyer
purchase a small quantity of the good at a high price. This leads to a fall in the consumption level
that indirectly affects the economy.

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100 200 300 400 500 600 700 800 900 1000 1100
$1,000.00
$2,000.00
$3,000.00
$4,000.00
$5,000.00
$6,000.00
$7,000.00
$8,000.00
$9,000.00
$10,000.00
AC, MC, AR. MR
AC
MC
AR
MR
Output
Cost, Revenue
Figure 1: Showing cost and revenue curves of the firm
(Source: Created by Author)
Government intervenes in the market intending to provide social welfare and justice to
the consumer. It regulates power abuse and restricts the higher charges for lower levels of output
charged by the firm. It uses the price ceiling to stop the firm from charging higher rates
(Palamalai, 2014). Taxation is another tool to restrict the firm from using inefficient strategies,
all these targets at increasing the competition among the firms.
Macroeconomic concern and policies of the government
Gross Domestic Product (GDP) is one of the most essential and universal indicators for
tracking the current growth as well as the movement of a nation’s health over a specific period
(& Gupta, 2013). Over the years, India has shown remarkable improvement in its GDP growth
rates. Even during the financial crisis of September 2008, India managed to record a growth rate
of 3.087%, whereas there was a drastic fall in the progress of countries worldwide
(Worldbank.org, 2019). After that, the country recorded a growth rate of about 7% in the next
financial year. Indian railways are considered to be a national asset, both in terms of generating

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finances and developing the structure of the economy. This government-owned and controlled
network contributes to the fast working of the ports, thus, increasing the external trade volume of
the economy. The proposal for the introduction of bullet trains is a critical factor that is expected
to add to the growth rate of the economy.
Table 4: GDP and growth of Indian 2005-2015
Year GDP ($million) * GDP growth (%) **
2005 808.9 billion USD 7.923
2006 920.3 billion USD 8.061
2007 1.201 trillion USD 7.661
2008 1.187 trillion USD 3.087
2009 1.324 trillion USD 7.862
2010 1.657 trillion USD 8.498
2011 1.823 trillion USD 5.241
2012 1.828 trillion USD 5.456
2013 1.857 trillion USD 6.386
2014 2.039 trillion USD 7.41
2015 2.102 trillion USD 7.996
Source: World Bank, World Development Indicators 2016
Author’s calculation

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Business cycles and their impact on the firms
Business cycle depicts the variations in the economic activity portrayed in terms of
expansion and recession. Figure-2 shows the clear picture of the growth trends in terms of GDP
of the economy for the span 2005-2015. From 2006 to 07, the Indian economy faces a period of
contraction. At the end of 2008, it had to face a severe recession leading to falling levels of
income and consumption (Worldbank.org, 2019). This implies lower profits and investment.
This fall in productivity levels turns out to be the cause of rising unemployment. After this
period, there is a starting phase of recovery from the year 2009 (Luchtenberg & Vu, 2015) This
phase indicates a gradual increase in the purchasing power of the consumer and the initiation of
confidence in the business sector. Investment level surges and channelizes into business
productivity, and this helps in creating employment opportunities. The economy starts to
deteriorate after a period of boom in 2010, which is active only for a year (Cachanosky & Lewin,
2016). This period of depression lasts for a period of two, which indicates weaker business and
investment activities. However, after 2012, the economy gradually starts to mend its uncertain
factors with proper orientation of policies and stabilizes its position.
For instance, consider the market for cars, which are classified as a luxury commodity.
However, in recent times, cars are a part of the necessities of people (Jain et al., 2018). During
the period of recession, due to a fall in productivity levels and extended unemployment, the
income levels fall (Broadberry, Custodis & Gupta, 2015). As a result, the purchasing power
deteriorates, leading to a reduction in demand for cars. Contrary to this, when the economy is in
the phase of expansion, there is widespread productivity and employment. The extent of
investment is high and large-scale income opportunities. This leads to a higher demand for cars

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because of the increasing expenses of the population. This clarifies the fact that the growth rate
of GDP is directly related to the revenues of a business.
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
0
1
2
3
4
5
6
7
8
9
GDP in %
GDP ($million)
Year (2005-2015)
GDP growth
Figure 2: Illustrating the GDP growth rate (2005-2015)
(Source: Created by Author)
Inflation and unemployment
There is a negative relationship between unemployment and inflation rate. Whenever
workers expect a rise in price, they demand higher wages. This higher wage induces the labour to
work more difficult in the short run leading to a fall in the rate of unemployment. Even during
periods of good growth, the average rate of unemployment is high (Blanchflower et al., 2014).
The inefficiencies and excessive regulations on the labor market reduce the demand for labor.
When the cost of production of a firm is high, and it is not certainly generating profits, it cuts
back on work leading to unemployment. Excessive level of unemployment indicates the
economy is operating below its capacity and is inefficient in utilizing its resources (Takami,

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2015). The unemployed population are unable to purchase the previous amount of goods. This
leads to lower expenditure and output. This implies that there is the only negative cost of
unemployment for the economy.
Table 5: Unemployment and inflation rate of India, 2005-2015
Year Unemployment rate (%) Inflation rate (%)
2005
3.102 4.426
2006
2.737 5.797
2007
2.399 6.373
2008
2.268 8.349
2009
2.475 10.882
2010
2.444 11.989
2011
2.519 8.858
2012
2.69 9.312
2013
2.823 10.908
2014
2.765 6.353
2015
2.782 5.872
Source: World Bank, World Development Indicators 2016
For the organization or companies producing cars, an increase in unemployment leads to
lower productivity. A rise in unemployment implies a fall in buyers’ purchasing power and
spending. This induces them to demand fewer cars. As a result, the total revenue of the firms

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manufacturing cars reduces (Shende, 2014). There is another round of fall in the productivity
levels due to a fall in profit margins (Blanchard, Cerutti & Summers, 2015). This serves as a
negative signal to the investors and reduces investment ratios. The business that serves as a
backbone for finances in the economy moves towards recession. As a whole, it has a noticeable
impact on the economy.
Demand-pull inflation is the result of an increase in demand, and this leads to a rise in the
price of goods and services. This type of inflation leads to a rise in income. Income tax falls;
however, there is a fall in the rate of savings due to the rise in prices of products (). As the
consumer anticipates an increase in prices, it tends to raise current consumption level, which
increases the supply of money in the economy (Malhotra, 2014). On the other hand, supply
oriented inflation is cost-push inflation. This type of inflation is caused due to an increase in
wages and costs of the inputs used in production. This increases the value of output, implying
fall on the revenue of firms. A higher cost decreases the total supply of goods in the economy.
As there is no change in demand for commodities, these price pressure is borne by the
consumers. Demand-pull inflation increases the current demand for cars, as there is an increase
in income and an expected rise in future prices. On the other hand, cost-push inflation increases
the production costs of cars that process into a higher amount of the product. This higher price is
burdened over the consumers leading to a reduction in demand (Blanchard, Cerutti & Summers,
2015).
Fiscal policy
Fiscal policy is a tool used by the government to stabilize the economy, by the use of
government spending and tax policies. These policies aim at adjusting the aggregate demand as
per the needs of the economy. The government to raise the level of aggregate demand, either by

LRAS
AD2
AD1
Price
Level, P
Income, Output, Y
SRAS
P
2
P
1
Y1 Y2
E0
E1
Y3
AD3
E3
P
3
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increasing government expenditure or reduction of taxes uses expansionary fiscal policy (Gogas
& Pragidis, 2015). Cutting down of income tax rates and corporate taxes, helps in raising the
level of consumption and investments in business. In both the case business and production gets
motivated. Another way of raising demand and supply of goods is through government spending
on final goods. Contrary to this situation, a contractionary policy is used to slow down the
economy. The government increases income tax to cut down on consumption and spending by
the consumers. When an increasing demand leads to rise in price level, government uses his
policy to reduce the price level. Figure-3, illustrates the situation of expansionary and
contractionary fiscal policy. The former increases the aggregate demand from AD1 to AD2 and
rises price and output from P1 to P2 and Y1 to Y2 respectively. Whereas, the later reduces the total
demand of the economy from AD3 to AD2 and as a result, the price and output falls to P2 and Y3.
Figure 3: Expansionary and contractionary fiscal policy

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Source: Created by Author
An expansionary fiscal policy boosts total demand in the economy, which adds to
employment, productivity and income. All these boosts the GDP of the country. However, this
reduction in taxes and increase in public spending has negative impact on the price level. This
leads to increase in income and consumption of individuals, leading too poor level of savings ().
The rising demand pushes up the price level leading to inflation. Thus, to combat a bad
inflationary situation, government uses contractionary policies. This policy lowers the
purchasing power and level of demand of individuals. As a result, the price level shrinks.
However, the former upsurges productivity and the later reduces production of output, leading to
stabilization of output at Y2.
For example, consider the car manufacturing industry. An expansionary policy leads to
increase in the production as well as prices of cars. The demand for cars grows due to larger
income of individuals. Reduction in the tax after profit incomes acts as an incentive to produce
and supply more cars in the market (Alesina & Ardagna, 2013). In contrast to this, under
contractionary policy, the firm lowers its production due to lower demand for cars. This fall in
demand is a result of rise in taxation. Moreover, an increase in corporate taxation leads to fall in
investment as there is lower profits from producing more. Thus, the productivity of cars falls.
Monetary policy of the country
Reserve bank of India adopts expansionary and contractionary monetary policies to raise
and reduce money supply in the economy. An expansionary monetary policy aims at expanding
the supply of money in the economy, whereas the prime objective of addressing contractionary
policy is to reduce the supply (Blanchard et al., 2017). An expansionary policy boosts aggregate

LRAS
AD2
AD1
Price
Level, P
Income, Output, Y
SRAS
P
2
P
1
Y1 Y2
E0
E1
Y3
AD3
E3
P
3
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demand as people have more money in hand. This increase in money supply raises interest rate
which reduces investment. This in turn lowers production, unemployment that ultimately results
into fall in growth. Though money supply increases demand, it reduces supply of cars. On the
other hand, contractionary policy restricts the economy to spend more. Lower money supply
implies lower rats of consumption. This leads to fall interest rates and correspondingly raises
investment rates. This leads to increase in productivity of goods like cars. This tool is used by the
government to stabilize the economy from an era of inflation caused by the large-scale money
supply (Blanchard, Cerutti & Summers, 2015). The diagram below portrays the monetary supply
situation of an economy. When there is increase in money supply, the AD curve shifts leftward
leading to rise in output and price level to Y2 and P2. However, a decrease in money supply
contracts the economy by shifting the AD3 curve leftward, deducing both price level and output
back to the long run equilibrium E2.

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Figure 4: Expansionary and contractionary monetary policy
Source: Created by Author
Conclusion
In conclusion this could be said that, this report tries to identify the economic factors of
the economy of India. Firstly, it begins with monopoly behavior of a firm and its aim and
objectives regarding profit margins. The results being inefficient and leading to market failure.
This paper relates a natural monopoly to one of the public sectors of India, which is the Indian
railways. It vividly calculates the costs, revenue and profit of a firm. Secondly, it analyses the
growth rate trend of the economy over a period of 10 years. It identifies the period of recession,
boom and recovery, and their negative effects on the Indian economy. Moreover, it depicts the
growing unemployment scenario of the country with the inflation rates and the effects of this on
the production of cars, which is initially positive yet turns out to be negative. Here the
automobile industry is taken into consideration for detecting the effects of policy changes in the
demand and supply structure of the economy. In addition to this, the effects of fiscal and
monetary policies over the household spending, business decisions and price level are analysed.
However, apart from this, the report vividly describes the structure of the Indian economy and its
several aspects on the individual households.

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