Illustrate what should the monopolist do to increase profits

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Q. In developing countries, there are long lines of taxis at airports, and these taxis often wait two or three hours. What does this tell you about the price in that market? Demonstrate with supply and demand analysis.

Q. Consider a monopolist whose market demand is given by . Assume that productions costs are given by the function TC(Q) = 100+5Q for positive levels of output and are zero if the monopolist shuts down. If current output level is 5, illustrate what should the monopolist do to increase profits?

Reference no: EM1351442

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