2.8 Suppose that the market demand curve for your product is given by Q = $25 -...
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2.8 Suppose that the market demand curve for your product is given by Q = $25 - 0.5P In a figure, plot this demand curve, and label it D. Then plot the corresponding marginal revenue curve and label it MR. (Recall that that the marginal revenue curve has the same vertical intercept as the demand curve and has a slope twice that of the demand curve.)
Assume that the marginal cost and average total cost equal $34 for all levels of production.
Draw the marginal cost curve and the average total cost curve. What is the profit-maximizing price and quantity? How much economic profit will you earn?
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