Answer parts a-c plz total cost= 100+2q2 marginal cost = 4q market demand curve = 90-2q monopolist’s marginal revenue curve = 90-4q Part a) What is the quantity, profit, and price of the monopoly? Part b) Assuming a competetive industry, what is quanity, price, and profit? (P=MC can be used for perfect competition) Part c) What is the price elasticity of demand at the monopoly price and quantity? What does this mean in context?
Answer parts a-c plz total cost= 100+2q2 marginal cost = 4q market demand curve = 90-2q monopolist’s marginal revenue curve = 90-4q Part a) What is the quantity, profit, and price of the monopoly? Part b) Assuming a competetive industry, what is quanity, price, and profit? (P=MC can be used for perfect competition) Part c) What is the price elasticity of demand at the monopoly price and quantity? What does this mean in context?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Answer parts a-c plz
total cost= 100+2q2
marginal cost = 4q
market demand curve = 90-2q
monopolist’s marginal revenue curve = 90-4q
Part a) What is the quantity, profit, and
Part b) Assuming a competetive industry, what is quanity, price, and profit? (P=MC can be used for
Part c) What is the price elasticity of demand at the monopoly price and quantity? What does this mean in context?
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