Assume monopoly demand function

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Assume a monopoly's (inverse) demand function is as follows: P=250-10Q. The firm's total cost function is: TC=80+10Q

a) What is the profit maximizing output for this firm?

b) What will be the firm's maximum profit?

c) Does the firm produce in the elastic, unit elastic, or inelastic portion of its demand curve? You are not required to show calculation for this question.

Reference no: EM131097265

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