A firm produces output at a cost of: C = 50 + 20 X and sells it at a price of P = 220 - 4 X
1. Determine the profit maximizing equilibrium output, price and the total profit under two conditions:
1.1 A firm is a monopolist (15)
1.2 A firm under perfect competition (15)
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Marginal cost can be found by taking the differential of the cost ...