Economics
posted by Michelle .
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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