Solve for the question below, using the following given in Qº=450-P TC-150g +1000 MC = 29-150 (a) Solve for your inverse market demand curve, or P(Q) where P=a-bQ (b) Solve for your monopoly (total) revenue equation, TR where TR P-Q. Plug your inverse market demand curve into P for TR. You will have an equation instead of a number. (c) Using TR, solve for your monopoly marginal revenue equation, or MR where MR=220. (d) Set your MR equal to MC and solve for your (single plant) monopoly quantity, or Q.

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Chapter1: Making Economics Decisions
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Solve for the question below, using the following given information:
QD=450-P TC=4²-150g + 1000
MC = 29-150
(a) Solve for your inverse market demand curve, or P(Q) where P = a-bQ.
(b) Solve for your monopoly (total) revenue equation, TR where TR = P-Q. Plug your inverse market demand curve
into P for TR. You will have an equation instead of a number.
(c) Using TR, solve for your monopoly marginal revenue equation, or MR where MR =
220.
(d) Set your MR equal to MC and solve for your (single plant) monopoly quantity, or Q.
(e) Plug your Q into your inverse market demand curve and solve for your monopoly price, or PM.
(f) Solve for II. Solve for our monopoly profit, where IIM - PM - QM - (TC(Q¹)).
(g) Compared to the monopoly version of this problem shown in class, is P greater than, less than or equal to PM? How
about Q. is Q greater than, less than or equal to Q?
(h) Name and describe the main four differences between a competitive and monopolistic market.
Transcribed Image Text:Solve for the question below, using the following given information: QD=450-P TC=4²-150g + 1000 MC = 29-150 (a) Solve for your inverse market demand curve, or P(Q) where P = a-bQ. (b) Solve for your monopoly (total) revenue equation, TR where TR = P-Q. Plug your inverse market demand curve into P for TR. You will have an equation instead of a number. (c) Using TR, solve for your monopoly marginal revenue equation, or MR where MR = 220. (d) Set your MR equal to MC and solve for your (single plant) monopoly quantity, or Q. (e) Plug your Q into your inverse market demand curve and solve for your monopoly price, or PM. (f) Solve for II. Solve for our monopoly profit, where IIM - PM - QM - (TC(Q¹)). (g) Compared to the monopoly version of this problem shown in class, is P greater than, less than or equal to PM? How about Q. is Q greater than, less than or equal to Q? (h) Name and describe the main four differences between a competitive and monopolistic market.
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