Your firm's cost function is: C = 1.6Q(third) - 10Q(squared) + 484Q + 3,969 Your firm faces the...

Question:

Your firm's cost function is:

C = 1.6Q(third) - 10Q(squared) + 484Q + 3,969

Your firm faces the following demand:

P = 3,298 - 25Q

Your firm is a monopoly. Find the quantity, Q, that maximizes profit. Round your answer to one decimal.

Profit Maximizing Monopoly Output:

We find profit maximizing monopoly profit by equating marginal revenue with marginal cost...

Answer and Explanation:

We know for a monopoly firm the profit maximizing output can be found by equating MR with MC.

We get MR by differentiating TR with quantity(Q)

And...

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Natural Monopoly in Economics: Definition & Examples

from Intro to Business: Help and Review

Chapter 3 / Lesson 13
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