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Suppose that an industry is characterized as follows: C = 100 + 2Q2 Firm total cost function MC = 4Q Firm marginal cost function P
Suppose that an industry is characterized as follows:
C = 100 + 2Q2 Firm total cost function
MC = 4Q Firm marginal cost function
P = 90 - 2Q Industry demand curve
MR = 90 - 4Q Industry marginal revenue curve.
If there is only one firm in the industry, find the monopoly price, quantity, and level of profit.
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