Suppose the (inverse) demand function for a single-price monopoly is P = 280 – 2Q This means that the marginal revenue function for the monopolist is MR = 280 – 4Q. Assume the marginal cost function is given by MC = 3Q. Find the price that the monopolist will charge. Hint: You will first have to find the quantity and then plug this into the demand function to find the price. This is a fill-in-the-blank problem. Just enter your answer as a number (do not enter text, dollar signs, or anything else). Assume the marginal cost function is given by MC = 3Q. Find the price that the monopolist will charge. Hint: You will first have to find the quantity and then plug this into the demand function to find the price. This is a fill-in-the-blank problem. Just enter your answer as a number (do not enter text, dollar signs, or anything else).
Suppose the (inverse) demand function for a single-price monopoly is P = 280 – 2Q This means that the marginal
revenue function for the monopolist is MR = 280 – 4Q. Assume the marginal cost function is given by MC = 3Q. Find the price that the monopolist will charge. Hint: You will first have to find the quantity and then plug this into the demand function to find the price. This is a fill-in-the-blank problem. Just enter your answer as a number (do not enter text, dollar signs, or anything else).
