Asked by Atumo Oso
Suppose the production and cost functions are Q=60—0.5P and TC=48+3Q² respectively. Based on the given data, determine the short run equilibrium output, price, and profit of the monopolist?
Answers
Answered by
oobleck
profit = revenue - cost
revenue = price * quantity
equilibrium is where profit=0
find Q when profit=0
revenue = price * quantity
equilibrium is where profit=0
find Q when profit=0
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.