Information for questions 21-25 Suppose that the inverse dem…
Information for questions 21-25 Suppose that the inverse demand for a monopolist is given by: P= 55 – 0.1 Q. The monopolist’s total cost function is given by: C = 14 + 20 Q + 0.4 Q2. For the numeric questions, only the exact answer is accepted. Enter 0, if the answer cannot be obtained with the information given. Assumption for questions 23-24. Suppose that the answers to questions 21 and 22 were: MR = 40 – 0.4Q MC = 23 + 0.1 Q Calculate the price that this monopolist charges.