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"Based on market research, a recording company obtains the following information about the demand and production costs of its new CD:
Price=1000-10Q
Total Revenue=1000Q-10Q^2
Marginal Revenue=1000-20Q
Marginal Cost=100+10Q
(P is the price in cents)

a.Find the price P and quantity Q that maximizes the company's profit
b.Find P and Q that would maximize social welfare
c.find out the deadweight loss from monopoly
d.Suppose, in addition to the costs above, the musician on the album has to be paid. 

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M948104

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