For a monopolist's product, the cost function isc=0.004q3+40q+5000and the demand function isp=450−6q.Find the profit-maximizing output. 3For a monopolist's product, the cost function is c= 0.004q° + 40q + 5000 and the demand function is p= 450 – 6q. Find the profit-maximizing output.The profit-maximizing output is(Round to the nearest whole number as needed.)

Given cost function :- C(q) = 0.004q3 + 40q + 5000 Demand function :- p = 450 - 6q

Answered: For a monopolist's product, the cost…

For a monopolist's product, the cost function is c=0.004q3+40q+5000 and the demand function is p=450−6q. Find the profit-maximizing output.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter9: Monopoly

Section: Chapter Questions

Problem 33P: Draw a monopolists demand curve, marginal revenue, and marginal cost curves. Identify the...

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For a monopolist's product, the cost function is

c=0.004q3+40q+5000

and the demand function is

p=450−6q.

Find the profit-maximizing output.

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