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In a particular monopoly, the demand equation is given by:

y(p) =5/P

1. What is the price elasticity of demand?

2. What is the total revenue of the monopolist at p = 1 and at p = 30?

3. If cost of production is $1/unit, prepare down the pro t maximization problem for the rm.

4. Suppose by law, the rm must produce at least 1 unit. What is the optimal production of the monopolist?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M948242

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