What is the lerner index for the industry

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Suppose the demand curve for a monopolist is Qd=500-P, and the marginal revenue function is MR=500-2Q. The monopolist has a constant marginal and average total cost of $50 per unit.

a) Find the monopolist's profit-maximizing output and price.
b) Calculate the monopolist's profit.
c) What is the Lerner Index for this industry?

Reference no: EM13222583

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