I need 3 pieces of information.
1) You are missing a crucial piece of information and that is the
market price or marginal revenue.
2) You have what appears to be a demand fxn. I don't know if it is a
market or firm demand function though.
Your cost fxn. is fine for this type of problem.
Please add this data and I can provide a nice explanation with a graph.
The problem I am trying to solve includes the following known variables:
P = 800 - 5Q and MC = 15Q. I am trying to understand how to determine price and quantity for a monopoly and a perfectly competitive firm and how to calculate economic profit for the monopoly.
Thank you© BrainMass Inc. brainmass.com March 4, 2021, 6:05 pm ad1c9bdddf
The expert examines cost function variables.