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QUESTION
A monopolist faces a market demand curve given by Q = 53- P. Its cost function is given by Q = 53- P, i. its MC =$5. (a)Calculate the...
A monopolist faces a market demand curve given by Q = 53- P. Its cost function is given by Q = 53- P, i.e. its MC =$5.
(a) Calculate the profit-maximizing price and quantity for this monopolist. Also calculate its optimal profit.
