question archive Suppose the demand curve for a monopolist is QD=47,000−50P, and the marginal revenue function is MR=940−0
Suppose the demand curve for a monopolist is QD=47,000−50P, and the marginal revenue function is MR=940−0
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Suppose the demand curve for a monopolist is QD=47,000−50P, and the marginal revenue function is MR=940−0.04Q. The monopolist's Marginal Cost =40+0.02 and its Total Cost =250,000+40Q+0.01Q2.
a. Find the monopolist's profit-maximizing output price.
b. calculate the monopolist's profit/losses, if any.
c. What is the Lerner Index for this industry at the monopolist's profit-maximizing output and price?
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