You are given the following: C = 1.5Q +20Q+ 50 and p= 120 - 1Q where Q is output, p is price, and C is the total cost of production. Determine the profit-maximizing price and output for a monopoly. The profit-maximizing output level is units. (Enter a numeric response using an integer.)

You are given the following: C = 1.5Q +20Q+ 50 and p= 120 - 1Q where Q is output, p is price, and C is the total cost of production. Determine the profit-maximizing price and output for a monopoly. The profit-maximizing output level is units. (Enter a numeric response using an integer.)

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

You are given the following:
C=1.5Q + 20Q + 50
and
p= 120 – 1Q
where Q is output, p is price, and C is the total cost of production. Determine the profit-maximizing price and output for a monopoly.
The profit-maximizing output level is
units. (Enter a numeric response using an integer.)
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Profit Maximisation condition for monopoly is where MR = MC

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