1.5. The following table shows the demand curve facing a monopolist who produces at a constant marginal...
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1.5. The following table shows the demand curve facing a monopolist who produces at a constant marginal cost of $10:
a. Calculate the firm’s marginal revenue curve.
b. What are the firm’s profit-maximizing output and price? What is its profit?
c. What would the equilibrium price and quantity be in a competitive industry?
d. What would the social gain be if this monopolist were forced to produce and price at the competitive equilibrium? Who would gain and lose as a result?
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