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Economics: Suppose that the demand equation for the output of a monopoly is: Q=3,000-60P. The total cost equation is: TC=100+5Q+Q^2/480. a. What are the profit

Economics:

Suppose that the demand equation for the output of a monopoly is: Q=3,000-60P. The total cost equation is: TC=100+5Q+Q^2/480.

a. What are the profit maximizing price and output?

b. What is the monopolists profit? Is this industry in short- or long- run equilibrium? And why?

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