Calculate profit-consumer surplus and welfare

Reference no: EM13221125

Allow an inverse demand curve in a monopoly to have the following form: P[Q]=50-3*Q, allow the MR curve to be: MR[Q]=50-6*Q and say the firm has TC[Q]=10*Q2, and MC[Q]=20*Q. Derive the price the monopolist will charge. Calculate profit, Consumer surplus, and welfare.

Reference no: EM13221125

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