Calculating optmal output and other related parameters
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Assume a monopolist with the following:
TC = 1 + 2Q
Find the following:
a) Price at profit maximizing output
b) Profit maximizing output
c) Total Revenue at profit maximizing output
d) Total Cost at profit maximizing output
a)Price at profit maximizing output
Qd = 100 - 10p
Solution calculates optimal output, price, total cost, total revenue and maximum profit.