Assume the demand curve for a monopolist is qd500-p and the, Ask an Expert

Economics

Assume the demand curve for a monopolist is Qd=500-P, and the marginal revenue function is MR=500-2Q. The firm has a marginal and average total cost of $50per unit.

1) Find out the firm's profit maximizing output and price.

2) Compute the firm's profit

3) What is the Lerner Index

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9293426

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