A monopolist faces a demand curve given by Qa= 270 – P and faces a short run total cost function given by TC = 30 + 3q?. а. How much are the firm's fixed costs? Write down an equation for the monopolists' revenue Write down an equation for the monopolists' elasticity of demand d. What is the output level that maximizes the firm's revenue? e. Find the output level that maximizes the monopolists' profits. f. If the monopolist was forced by a regulator to sell its output at marginal cost, how much output would he produce? (Make sure to include your working by typing or photographing your working) b. с.

A monopolist faces a demand curve given by Qa= 270 – P and faces a short run total cost function given by TC = 30 + 3q?. а. How much are the firm's fixed costs? Write down an equation for the monopolists' revenue Write down an equation for the monopolists' elasticity of demand d. What is the output level that maximizes the firm's revenue? e. Find the output level that maximizes the monopolists' profits. f. If the monopolist was forced by a regulator to sell its output at marginal cost, how much output would he produce? (Make sure to include your working by typing or photographing your working) b. с.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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