question archive Johns Hopkins UniversityBUSINESS ECON A monopolist has set her level of output to maximize profit
Johns Hopkins UniversityBUSINESS ECON A monopolist has set her level of output to maximize profit
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Johns Hopkins UniversityBUSINESS ECON
A monopolist has set her level of output to maximize profit. The firm's marginal revenue is $20, and the price elasticity of demand is -1.2. The firm's profit maximizing price is approximately:
- $20
- $40
- $200
- This problem cannot be answered without knowing the marginal cost.
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