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An amusement park has identified its demand functions as: Q =50 - 3P. The marginal operating cost of each unit of quantity is $5 and
An amusement park has identified its demand functions as: Q =50 - 3P. The marginal operating cost of each unit of quantity is $5 and there are no fixed costs. The park is a monopolist and exercises significant price making power in the market. a. (8 points) If the monopolist charges same price for every unit, for what price are his profits maximized? How many units will be sold at that price? What are his total profits
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