Homework Answers
The firm is an example of natural Monopoly
If Q=72 and price=24, then total revenue=P*Q=24*72=1728 and profit=(24-30)*72= -432
If government forces to produce at price=MC then firm should produce 72 units and profit=-432.
If government wants firm to earn only zero Economic profit then price has to be equal to average cost
Thus P=AC when 65 units are produced
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