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Question Two @{enopolistic pricing and ownpride demand elasticity) [l'l]I Marks] Amonopolistic fertilizer suppliermLimpopo provincehasademandmction of D (p) = 15115. The cost mction for producing 39
Question Two @{enopolistic pricing and ownpride demand elasticity) [l'l]I Marks] Amonopolistic fertilizer suppliermLimpopo provincehasademandmction of D (p) = 15115. The cost mction for producing 39 level of the fertilizer is {if} = 55F. Consider p to he the market price for the fertilizer [Hp] the market demand and j? the level of output of the fertilizer produced C(y] the cost of producing output level 3?. Solve for the following a Determine the optimal level ofoutput (2') h. Determine the optimal price. (2')
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