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Consider a linear industry demand equation: P=20-2Q, where P is the unit price in dollars and Q is quantity in million units. The cost structure in the industry is given by the constant unit and marginal costs: TC = 10Q. Assume that the industry is monopolized by only one company. prepare the equation of the TR curve and then plot the TR curve(with Q along the horizontal axis and TR along the vertical axis) for this company. Comment on the shape of the TR curve.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M963653

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