1 Suppose that a monopolist has a patent for widgets and the market demand curve Q(P) is: Q(P) = 60 – 2P, where P is the price in dollars and Q is quantity. a. Solve for the inverse demand P(Q) curve by solving the demand curve for P in terms of Q. b. Using your answer from (a), express the monopolist’s total revenue in terms of Q as TR(Q) = QP(Q). c. Calculate the monopolist’s marginal revenue MR(Q) by differentiating the total revenue you found in the previous step: MR(Q) = dTR(Q) / dQ.

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