The inverse demand curve a monopoly faces is p=20Q^−1/2. The firm's cost curve is C(Q)=4Q. What...

Question

Question

The inverse demand curve a monopoly faces is

p=20Q^−1/2.

The firm's cost curve is

C(Q)=4Q.

What is the profit-maximizing solution? (Round all numeric to two decimal places.)

The profit-maximizing quantity is 6.25.

The profit-maximizing price is $8.

What is the firm's economic profit?

The firm earns a profit of $_________ (Round your response to two decimal places.)

Answer 1

Answer #1

Answer 2

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