Question

Consider a total cost function of TC = 0.5Q^2 +10Q + 20 and the market demand...

Consider a total cost function of TC = 0.5Q^2 +10Q + 20 and the market demand function Q=70-p.

a What is the profit-maximizing output and price for the perfect competition? Calculate its profit.

b What is the profit-maximizing output and price for the monopolist? Calculate its profit.

c What is the profit-maximizing output and price for the monopolist in the second market? Calculate its profit.

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