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02 Question (3 points) e See page 463 Marco's is the only fine-dining restaurant in town and, as such, it has a monopoly on the
02 Question (3 points) e See page 463 Marco's is the only fine-dining restaurant in town and, as such, it has a monopoly on the market for steak dinners in its area. The demand for steak dinners per week is given by D(p) = 400 - 10P, and the cost of producing a steak dinner is fixed at $8 . In addition, Marco's must pay $400 per week in fixed costs to cover rent, maintenance of the kitchen, etc. 1st attempt See Hint What is the profit-maximizing price and quantity for Marco's for steak dinners? Quantity = steak dinners Price = S per steak dinner How much profit does Marco's make in this case? S
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