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3. Suppose the inverse demand for a monopolist’s product is given by P (Q) = 150...

3. Suppose the inverse demand for a monopolist’s product is given by P (Q) = 150 – 3Q The monopolist can produce output in two plants. The marginal cost of producing in plant 1 is MC1 = 6Q1 While the marginal cost of producing in plant 2 is MC2 = 2Q2 (Answer clearly with steps please)

a) How much output should be produced in each plant?

b) What price should be charged?

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