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Help Problem Set 3 1. A Monopolist has the following demand, marginal revenue, and marginal cost: p - 11 - 2.5q mr = 11 -

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Problem Set 3 1. A Monopolist has the following demand, marginal revenue, and marginal cost: p - 11 - 2.5q mr = 11 - 5q mc = 1 Solve for the monopolist's profit maximizing price and quantity 2. Solve for the perfectly competitive price and quantity 3. Is the monopoly solution preferred to the perfectly competitive solution? Why

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