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In monopoly with Marginal Cost of $8 per unit, zero fixed cost, inverse demand function of P=38-Q what would be the profits in equilibrium: $345, $225, or $120. Please show how this was solved.
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Solution Summary
Profit is determined. The equilibrium in monopoly for inverse demand functions are examined. The profits in the equilibriums are provided.
Education
- BE, Bangalore University, India
- MS, University of Wisconsin-Madison
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