Based on market research a recording company obtains the, Ask an Expert

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Based on market research, a recording company obtains the following information about the demand andproduction costs of its new CD:

Price = 1,000 - 10Q
Total Revenue = 1,000Q - 10Q2
Marginal Revenue = 1,000-20Q
Marginal Cost = 100 + 10Q

where Q indicates the number of copies sold andP is the price in cents.

(a) Find the price and quantity that maximizes thecompany's profit.
(b) Find the price and quantity that would maximize socialwelfare/total surplus.
(c) find out the deadweight loss from monopoly.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M951234

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