Question
The daily demand function for a product is given by Q = 1010 2P, where Q stands for the quantity demanded, and P stands for
The daily demand function for a product is given by Q = 1010 2P, where Q stands for the quantity demanded, and P stands for the price. Suppose the market for this product is competitive, and all firms in the market have an identical constant marginal cost of $65 (and no fixed cost). What is the daily quantity sold in this market equal to? 46. Suppose instead that this market is served by a single-price monopolist (a monopolist charging a single price) with a marginal cost of $65 (and no fixed cost). What is the daily quantity sold in this market equal to? 47. Suppose now that this market is served by a monopolist that practices first-degree (perfect) price discrimination and the monopolist has a marginal cost of $65 (and no fixed cost). What is the daily quantity sold in this market equal to?
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