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Compose a mathematical expression for marginal

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A monopolist faces a demand function P = Q-.5 and total cost function C = .1Q + 2

  • Compose a mathematical expression for marginal revenue as a function of Q
  • Write mathematical expressions for marginal, average variable cost and average total cost as functions of Q
  • What profit maximizing output will the monopolist produce and what price will be charged?
  • Calculate the monopolist's economic profit or loss. Would the monopolist be better off producing zero? Why or why not?
  • Calculate the Lerner index of monopoly power for this case.

Reference no: EM132499894

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