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5. In the market for giant tomatoes, the demand function is given by Q = 2,500 - 4P. Suppose giant tomatoes are produced by a
5. In the market for giant tomatoes, the demand function is given by Q = 2,500 - 4P. Suppose giant tomatoes are produced by a monopoly. The monopolist's total cost is given by C = 2.25Q2 + 5Q + 200. (a) What are the firm's profit maximizing price (PM) and quantity (QM)? i. PM =_ 594 (1 point) ii. QM =_ 124 (1 point) (b) Graph the Demand function (D), the Marginal Revenue function (MR), and the Marginal Cost function (MC) with their corresponding intercepts and labels. Label the profit maxi- mizing price (PM) and quantity(QM). (4 points) P MC 625 PM =594 5 MR D QM =124 1,250 Q 2,500
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