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April 20, 2014

Homework Help: Microecnomics

Posted by John on Thursday, April 16, 2009 at 11:12am.

A firm is a monopolist in the production of a fuel sensor system. It faces monthly market demand that varies according to the equatioin Q=310-0.25P, where P is the price per system in dollars. The firm earns Marginal revenue accordind to the equation MR=1240-8Q & incurs marginal costs according to the function MC=140+2Q, where Q is the quantity of these systems produced.

A. How many of these Systems will the firm produce per month to Maximize profit? What price will the firm charge per system?

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