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The market demand curve is QD= 50 - P. The marginal cost curve is MC = 4Q + 6.

a. Supposing the marginal cost curve is for a competitive industry as a whole, find out the profit-maximizing level of output and price.

b. Supposing the marginal cost curve is for only one firm which comprises the entire market, find out the profit-maximizing level of output and price.

c. Compare the two results.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9305455

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