Economics An cement making monopolist with a marginal cost curve of MC=Q was originally faced with a demand curve: P=20-2Q. However, due to an increase in demand for housing, demand shifted to: P=35-2Q. Calculate the change in price and quantity due to this shift in demand. a. An increase in P = 9, and increase in Q = 3. b. An increase in P = 12, and increase in Q = 4. c. An increase in P = 21, and increase in Q = 7 d. Impossible to determine with the given information.
Economics An cement making monopolist with a marginal cost curve of MC=Q was originally faced with a demand curve: P=20-2Q. However, due to an increase in demand for housing, demand shifted to: P=35-2Q. Calculate the change in price and quantity due to this shift in demand. a. An increase in P = 9, and increase in Q = 3. b. An increase in P = 12, and increase in Q = 4. c. An increase in P = 21, and increase in Q = 7 d. Impossible to determine with the given information.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Economics
An cement making monopolist with a marginal cost curve of MC=Q was originally faced with a
a. An increase in P = 9, and increase in Q = 3.
b. An increase in P = 12, and increase in Q = 4.
c. An increase in P = 21, and increase in Q = 7
d. Impossible to determine with the given information.
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