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The total cost of producing Q units of output to a monopolist is TC(Q) = 2Q2....

The total cost of producing Q units of output to a monopolist is TC(Q) = 2Q2. The market demand is given byQ= 10−2P.

(a) What are the total revenue and marginal revenue functions

(b) What price should the monopolist set to maximize its profit? Illustrate your answer on a graph.

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Answer #1

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