Compute profits-maximizing level of price and output, Microeconomics

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Compute profits-maximizing level of price and output

The Industry demand function for bulk plastics is represented by the following equation: P=800-20Q Where Q represents millions of pounds of plastic. The total cost function for the industry, exclusive of a required return on invested capital, is:

TC=300+500Q+10Q^2

where Q represens millions of pounds of plastic

a. If this industry acts like a monopolist in the determination of price and output, compute the profits-maximizing level of price and output

b. What are the total profits at this price and output level?

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Microeconomics: Compute profits-maximizing level of price and output

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Microeconomics: Compute profits-maximizing level of price and output

Reference No:- TGS058083

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Recent Questions Asked Microeconomics

Q : Describe an industry analysis and its purpose

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Microeconomics: Compute profits-maximizing level of price and output

Reference No:- TGS058083

Recent Questions Asked Microeconomics

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