1 a monopolist faces the industry demand q400-05 p and has, Ask an Expert

Economics

1. A monopolist faces the industry demand Q=400-0.5 p and has constant marginal costs of 8, with no fixed costs.

a) What is the monopoly price? What is the monopoly quantity?

b) Without solving mathematically, just using economic theory based on the solution in a), if price drops such that quantity increases from the one in a), by one very small amount, would total revenue be higher?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9532710

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