What is the price tad receives for selling the bait

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Reference no: EM13198589

Tad's bait shop has a monopoly on the bait market at Sanderson's Lake. The demand curve for bait is QD = 56 - 8P -> P = 7 - 18 QD. This implies the marginal revenue function is: MR(Q) = 7 - 14 Q. Tad has two employees he can use to search for bait. The marginal cost of using Amanda to search for bait is: MCM (QM) = 14 QM. The marginal cost of using Andrew to search for bait is: MCN (QN) = 38 QN. Determine how many units of bait each employee should gather. What is the price Tad receives for selling the bait?

Reference no: EM13198589

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