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3. A monopolist has demand given by p = a - bq. Marginal cost is zero. a) Find the profit maximising quantity and price. b)

3. A monopolist has demand given by p = a - bq. Marginal cost is zero. a) Find the profit maximising quantity and price. b) An ad valorem tax (t% of the price) is introduced. Find the profit maximising quantity and price

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