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QUESTION
For simplicity, consider a monopolist with no costs whatsoever, thus profit is revenue, which is just price multiplied by quantity. Demand consists...
- For simplicity, consider a monopolist with no costs whatsoever, thus profit is revenue, which is just price multiplied by quantity. Demand consists of two groups. There are 14 adults: 10 are willing to pay $30 and 4 are willing to pay $20. There are also 16 children: 6 are willing to pay $20 and 10 willing to pay $10.
