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Suppose you estimate the short-run total cost function to be TC = 200 + 10Q + 0.1Q2. Also, suppose you can sell every unit produced at a $500 price so you have a marginal revenue of $500 for each unit.
If so, which rounded value below is closest to your maximum profit at the optimal profit maximizing quantity? (Hint, solve for TR = P*Q and solve for TR using total cost function and your optimal Q)
Since both taxes and subsidies create deadweight loss to society, why are they used to correct negative and positive externalities? Ensure to explain
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Market demand for a given year is QD = 31,622,776.60·P^-1.25. Solving the function for price yields inverse demand: P = 1,000,000·Q^-0.8. Therefore, marginal revenue is MR = 200,000·Q^-0.8. If the monopolist has a total fixed cost of $2,000,000 and a..
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