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2.) A monopolist has the following cost function: TC = 6q + 2q + 3200 The industry demand curve is defined by P = 1026
2.) A monopolist has the following cost function: TC = 6q + 2q + 3200 The industry demand curve is defined by P = 1026 - 10Q A. Find the formula for MR and MC B. Identify the profit maximizing quantity and the price the monopolist will charge. C. What is the ATC, AVC, and AFC when the profit maximizing quantity is produced? D. Calculate the firm's revenue and profit. E. If the firm instead produces and sells 40 units (remember this effects price) what would the firms ATC, AVC, AFC, revenue, and profit be? F. If the firm instead produces and sells 24 units (remember this effects price) what would the firms ATC, AVC, AFC, revenue, and profit be? G. Neatly graph the demand curve, MR curve, and average cost curves including the values associated with q = 24, q= profit maximizing q, and q =40. H. Calculate the producer surplus, consumer surplus, and DWL at each of the quantities in part G
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