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1.Consider a Perfectly Competitive market where the demand is given by P = 6000 - 4Q and the supply is given by P = Q.
1.Consider a Perfectly Competitive market where the demand is given by
P = 6000 - 4Q and the supply is given by P = Q.
b.Suppose this market now is controlled by a single-price monopolist whose marginal cost function is MC = Q.Determine this firm's marginal revenue function, then calculate its profit-maximizing quantity, price, the total Consumer Surplus, and the total Producer Surplus.Show all calculations.
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