A monopoly's inverse demand function is as follows: P = 1450 - 58Q. Its total cost function is as follows: TC= 2500 + 50Q + 12Q^2. a. What is the profit maximizing output for this firm? b. What price will the firm charge? c. What will be the firm's total profit? d. What is the price elasticity of demand at the profit-maximizing output?

A monopoly's inverse demand function is as follows: P = 1450 - 58Q. Its total cost function is as follows: TC= 2500 + 50Q + 12Q^2. a. What is the profit maximizing output for this firm? b. What price will the firm charge? c. What will be the firm's total profit? d. What is the price elasticity of demand at the profit-maximizing output?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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