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The inverse demand curve a monopoly faces is   p=120−Q.   The​ firm's cost curve is   C(Q)=20+5Q.   Part 2   What is the​ profit-maximizing solution?   The​ profit-maximizing quantity is

The inverse demand curve a monopoly faces is   p=120−Q.   The​ firm's cost curve is   C(Q)=20+5Q.   Part 2   What is the​ profit-maximizing solution?   The​ profit-maximizing quantity is

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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4

 

 

The inverse demand curve a monopoly faces is

 

p=120−Q.

 

The​ firm's cost curve is

 

C(Q)=20+5Q.

 

Part 2

 

What is the​ profit-maximizing solution?

 

The​ profit-maximizing quantity is

 

57.557.5.

 

​(Round your answer to two decimal​ places.)

 

The​ profit-maximizing price is

 

​$62.562.5.

 

​(round your answer to two decimal​ places.)

 

Part 3

 

What is the​ firm's economic​ profit?

 

The firm earns a profit of

 

​$enter your response here.

 

​(round your answer to two decimal​ places.)

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