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3. A monopolist believes that demand of his product follows the function 1 DUB) : 1+ PH where P is the selling price. (a) Calculate

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3. A monopolist believes that demand of his product follows the function 1 DUB) : 1+ PH where P is the selling price. (a) Calculate the marginal revenue as a function of price and the price that maximises revenue. (b) What is the percentage increase (or decrease} of the revenue and of the demand when price increases from P = 1 to P = 1.2

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