Suppose that the inverse demand function is given by p50-q


Suppose that the inverse demand function is given by P=50-Q, and cost function of a firm is C=5qi: (1) For a competitive industry, find the market price, market output and the profit at the equilibrium. (2) For a monopoly, find the output, price and the profit at the equilibrium. Find the price elasticity of demand at this price. (3) If there is price discrimination, find the output, price and the profit in the secondary market. Find the price elasticity of demand at this price.

Request for Solution File

Ask an Expert for Answer!!
Microeconomics: Suppose that the inverse demand function is given by p50-q
Reference No:- TGS0945766

Expected delivery within 24 Hours