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Problem: Consider a monopolist who has a constant marginal cost of MC = 20.
(a) Find the profit-maximizing quantity and price if the inverse demand curve is P = 620 - 25Q.
(b) Find the profit-maximizing quantity and price if the inverse demand curve is P = 520 - 2Q.
(c) Do your answers from a and b imply that the supply curve is downward sloping? If so, how is this possible? Is not, why not?
(d) Calculate the Lerner Index and Elasticity of Demand for both a and b.
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