1 answer

The quLILY suppuu DJ tive firms. 2.3 Problem 3 A monopolist operates in a market with...

Question:

the quLILY suppuu DJ tive firms. 2.3 Problem 3 A monopolist operates in a market with inverse demand P = 20 - 20. so that mar
the quLILY suppuu DJ tive firms. 2.3 Problem 3 A monopolist operates in a market with inverse demand P = 20 - 20. so that marginal revenue is MR = 20 - 40. The monopolist's marginal costs are MC = 5+Q. Find the profit maximizing quantity of output and price for this monopolist.

Answers

For profit maximization : MR = MC

20 - 4Q = 5 + Q

Q = 3 (profit maximizing output)

P = 20 - 2 x 3 = 14 (profit maximizing price)

.

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