(Answered) You are the manager of a business in a monopoly market with

Economics

You are the manager of a business in a monopoly market with the following inverse demand function

In addition, assume your production technology is described by the total cost function

C(q) = 500 + 10q

Determine the optimal quantity to produce (q^M), the price you should charge for your product (p^M), and compute the profit of your business.
Provide an intuitive explanation of market power. What is market power? How do we measure the market power of a business? Compute the market power of your business.

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