Question marion the monopolist faces the following demand, Ask an Expert

Economics

Question: Marion the monopolist faces the following demand function: Q = 22,000 - 8P. She faces the following cost function: TC = 5,000,000 + 140Q.

- Calculate the price and quantity at which profits are a maximum.

- What are the maximum profits?

- Graph the demand, marginal revenue, marginal cost and average cost functions.

- Shade in the area that represents the profits of the firm.

Now assume that regulators have decided to regulate Marion so that price = average cost. What price and quantity does this correspond to?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92586031

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