A monopoly firm faces the following average revenue demand) curve: P 125 0.020 where Q is weekly production and P is price, measured in cents per unit. The firm's cost function is given by C=45Q+25,000. Assume that the firm maximizes profits. a. What is the level of production, price, and total profit per week? (Round all responses to two decimal places.) The equilibrium quantity is units, the price is cents, and the total profit is $ per week.

A monopoly firm faces the following average revenue demand) curve: P 125 0.020 where Q is weekly production and P is price, measured in cents per unit. The firm's cost function is given by C=45Q+25,000. Assume that the firm maximizes profits. a. What is the level of production, price, and total profit per week? (Round all responses to two decimal places.) The equilibrium quantity is units, the price is cents, and the total profit is $ per week.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter23: Monopoly

Section: Chapter Questions

Problem 2WNG

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