The dead-weight loss due to ABC’s monopoly status is__?(my answer is 1711.125, but not sure if it correct)thank you! A monopolist has a cost function c(q) = 5q +800 and faces aggregate demandq=3000 120p.-

Given; Cost function; C=5q+800 Demand function; q=3000-120p p=3000-q120

Answered: A monopolist has a cost function c(q) =…

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Economics

A monopolist has a cost function c(q) = 5q +800 and faces aggregate demand q=3000 - 120p.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter23: Monopoly

Section23.3: Perfect Competition And Monopoly

Problem 1ST

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The dead-weight loss due to ABC’s monopoly status is__?

(my answer is 1711.125, but not sure if it correct)

thank you!

A monopolist has a cost function c(q) = 5q +800 and faces aggregate demand
q=3000 120p.
-

Definition Definition Market structure in which a single company dominates the entire industry. In a monopoly market, there are no close substitutes for the goods and services offered by the monopoly.

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