3. Consider a monopolyr facing the following inverse market demand: P = 120 CID. The marginal revenue

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3. Consider a monopolyr facing the following inverse market demand: P = 120 CID. The marginal revenue curve it faces is MR = 120 2C1. The monopolist total cost is TC = 1600 + C12. The monopolist marginal cost is MC = 2:21. a. How much should the monopolist produce to maximize profits? Find QM. b. What price should the monopolist set in order to maximize profits? Find PM. c. What is the total revenue, TR, that the monopolist makes? What i_5_the overall monopolist's profits? d. (BONUS) Suppose that this market was served by a perfectly competitive firm, and that the monopolist marginal cost curve represented the market supply curve. What is the deadweight loss created by this monopolist

Posted Date: Jun 21, 2024 11:07 PM

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3. Consider a monopolyr facing the following inverse market demand: P = 120 CID. The marginal revenue

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