Q based on market research a recording company obtains the

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Q. "Based on market research, a recording company obtains the following information about the demand and production costs of its new CD:
Price=1000-10Q
Total Revenue=1000Q-10Q^2
Marginal Revenue=1000-20Q
Marginal Cost=100+10Q
(P is the price in cents)

a. Find the price P and quantity Q that maximizes the company's profit
b. Find P and Q that would maximize social welfare
c. Calculate the deadweight loss from monopoly
d. Suppose, in addition to above costs, musician on the album has to be rewarded. Company is considering 4 options.

Reference no: EM13354066

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