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1) Suppose that a monopolist firm faces the following demand function for its product: P=24 Q, and it has the cost curve: ()=12+ , where

1) Suppose that a monopolist firm faces the following demand function for its product: P=24 Q, and it has the cost curve: ()=12+ , where Q is the output produced. Suppose that the government charges the monopolist a specific tax of $8 per unit of the product. Find the equilibrium price, quantity and profit level.

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