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Question 1/ (10 points) Suppose that a monopolist firm faces the following demand function for its product: P/# 24 - Q, and it has the

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Question 1/ (10 points) Suppose that a monopolist firm faces the following demand function for its product: P/# 24 - Q, and it has the cost curve: C(Q) - 12 + Q2, where Q is the output produced. Suppose that the government charges the monopolist a specific tax of $8 per unit of the product. Find the equilibrium price, quantity and profit level

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