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Lerner index of monopoly power for firm

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Reference no: EM131205125

A firm is operating in a monopolistically competitive market faces demand and marginal revenue curves as given below:

P = 10 - 0.1Q      MR = 10 - 0.2Q

The firm's total and marginal cost curves are:

TC = - 10Q + 0.0333Q3 + 130          MC = -10 + 0.0999Q2,

where P is in dollars per unit, output rate Q is in units per time period, and total cost C is in dollars.

If P= $8.68 and the firm produces Q=13.17, what is the Lerner index of monopoly power for this firm?

Reference no: EM131205125

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