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Problem 3: Monopolies. The total cost of producing Q units of output to a monopolist is TC(Q) = 3Q^2.The market demand is given by Q=

Problem 3: Monopolies. The total cost of producing Q units of output to a monopolist is TC(Q) = 3Q^2.The market demand is given by Q= 5P/2

(a)What are the total revenue and marginal revenue functions?

(b)What price should the monopolist set to maximize its profit?Illustrate your answer on a graph.

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