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Mmonopolist faces the demand curve: P = 8,400 - 3Q, and has long-run average cost LAC = 900 - 3Q + Q2.

a. Derive equations for revenue, marginal revenue, total cost, and marginal cost.
b. Determine the monopolist's profit-maximizing output, price, and profit.

Microeconomics, Economics

  • Category:- Microeconomics
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