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A small monopoly manufacturer of widgets has a constant marginal cost of $20. The demand for this firm's widgets is Q = 100 - 1P.

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A small monopoly manufacturer of widgets has a constant marginal cost of $20. The demand for this firm's widgets is Q = 100 - 1P. Given the above information, compute the social cost of this firm's monopoly power. Hint: If the demand curve has the form P=a-b*Q, the Marginal Revenue (MR) is given by MR=a-2"b*Q The social cost is $ . (Round your response to the nearest penny.)

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