A monopolist faces the following demand curve, marginal revenue curve, total cost curve and marginal cost curve for its product:
q = 200 - 2p mr = 100 - q tc = 5q mc = 5. what is the total profit earned?
1 answer:
The total profit that is earned is 4512.5
<h3>How to solve for the profit that is earned</h3>
100 - q = 0
q = 100
Maximization is where q = 0
MR = mc
100 - q = 5
such that q = 95
Price would be 100 -0.5(95)
= 100 - 47.5
= 52.5
Profit earned would be
= 95*52.5 -5*95
= 4512.5
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