3. Monopoly: Suppose a firm operates as a monopoly in an unregulated market. The firm's total cost function for producing quantity, Q is given by
3. Monopoly: Suppose a firm operates as a monopoly in an unregulated market. The firm's total cost function for producing quantity, Q is given by the equation: TC = 2000 + 200Q + @* The market demand is given by Q = 220 05P o0 oo What is the firm's marginal cost curve? Show graphically. What is the firm's marginal revenue curve? Show graphically. Calculate the monopoly's profit maximizing price and quantity. Show graphically. What is the socially efficient price and quantity? Show graphically
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