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The market demand curve is QD= 50 - P. The marginal cost curve is MC = 4Q + 6.

a. Assuming the marginal cost curve is for a competitive industry as a whole, find the profit-maximizing level of output and price.

b. Assuming the marginal cost curve is for only one firm which comprises the entire market, find the profit-maximizing level of output and price.

c. Compare the two results.

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#### Solution Preview

The market demand curve is QD = 50 - P. The marginal cost curve is MC = 4Q + 6.

a. Assuming the marginal cost curve is for a competitive industry as a whole, find the profit-maximizing level of output and price.
QD = 50 - P ïƒžP = 50 - Q
Total ...

#### Solution Summary

The market demand curve is assessed.

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