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Consider a monopolist who produces good X using a total cost function 20 + 12X. The...

Consider a monopolist who produces good X using a total cost function 20 + 12X. The demand
for good X is X = 500 – 2P, where P is the market price.
a. Find the profit maximizing output level for the firm, as well as the price.
b. Find the DWL at the monopolist’s profit maximizing output.

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