Monopoly
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A monopoly market is characterized by the following Market Demand and Market Total Cost.
Demand: QD = 20.25 â?" 0.5 * P
Total Cost: TC = 242 + 35*QS â?" 9*QS2 + 0.5*QS3
Determine the equilibrium price and quantity that will obtain in the long run.
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Monopoly
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since it is a monopoly market, this means that there is only 1 supplier.
from the previous two questions, we know ...
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