The market demand function is represented by P = 10,070 -2Q. In this market demand function, Pand Q represent the price level and output respectively. The total cost function of firm(s) in this market can be represented as TC = 50,000 + 0.3Q + 0.01Q2 in which the relevant marginal cost function will be MC = 0.3 + 0.02Q. What will be the net market surplus under a monopoly? The supply function is S = MC = 0.3 + 0.02Q. %3D
The market demand function is represented by P = 10,070 -2Q. In this market demand function, Pand Q represent the price level and output respectively. The total cost function of firm(s) in this market can be represented as TC = 50,000 + 0.3Q + 0.01Q2 in which the relevant marginal cost function will be MC = 0.3 + 0.02Q. What will be the net market surplus under a monopoly? The supply function is S = MC = 0.3 + 0.02Q. %3D
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter10: Prices, Output, And Strategy: Pure And Monopolistic Competition
Section: Chapter Questions
Problem 9E
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![The market demand function is represented by P =
10,070 -2Q. In this market demand function, Pand Q
represent the price level and output respectively. The
total cost function of firm(s) in this market can be
represented as TC = 50,000 + 0.3Q + 0.01Q2 in
which the relevant marginal cost function will be MC
= 0.3 + 0.02Q.
What will be the net market surplus under a
monopoly? The supply function is S = MC = 0.3 +
0.02Q.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa1e052d2-df91-4b61-bf83-32c241d13c5b%2F5e609101-0eec-4abd-a496-61c141f4f3d4%2Flpzimxd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The market demand function is represented by P =
10,070 -2Q. In this market demand function, Pand Q
represent the price level and output respectively. The
total cost function of firm(s) in this market can be
represented as TC = 50,000 + 0.3Q + 0.01Q2 in
which the relevant marginal cost function will be MC
= 0.3 + 0.02Q.
What will be the net market surplus under a
monopoly? The supply function is S = MC = 0.3 +
0.02Q.
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