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A monopolist with total cost function T C = 30Q + Q2 is facing a market demand given by P = 150 - Q. a) What is the optimal quantity and price the monopolist will set on this market? (Q=30, P=120) b) What quantity and price would this firm set if it was to behave competitively? (Q=40, P=110) c) Calculate the price elasticity of demand.

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 Kritika Krishnakumar
Kritika KrishnakumarLv10
28 Sep 2019

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