Homework Help: Economics

Posted by Michelle on Monday, January 17, 2011 at 8:00pm.

Suppose the demand curve for a monopolist is Qd = 500 – P, and the marginal revenue function is MR = 500 -2Q. The monopolist has a constant marginal and average total cost of $50 per unit.

A. Find the monopolist’s profit- maximizing output and price.
B. Calculate the monopolist’s profit.
C. What is the Lerner Index for this industry? The Lerner Index for this industry is

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