price and quantity supplied
Not what you're looking for?
Problem:
Given 3 equations:
MR = 500 - 10Q
TR = 2000Q - (20Q)(20Q) didn't know how to put in squared
MC = 200 + 10Q
Calculate the following:
A. The price and quantity supplied for the monopolist
B. The price and quantity supplied for the perfect competitor.
Purchase this Solution
Solution Summary
The decision rule for monopoly is utilized.
Solution Preview
a) The decision rule for monopoly is find the quantity where MC=MR and then look for the price at that point.
MR=500-10Q
MC=200+10Q
Equating both we get Q=15
Now TR=P*Q, so ...
Purchase this Solution
Free BrainMass Quizzes
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.