Why the monopolist is in determination of price and output

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The industry demand function for bulk plastics is represented by following equation: P = 800 - 20Q Where Q represents millions of pounds of plastic, The total cost function for the industry, exclusive of a required return on invested capital , is TC = 300 + 500Q + 10Q2 Where Q represents millions of pounds of plastic. A. If this industry acts like a monopolist in the determination of price and output, compute the profit-maximizing level of price and output.

Reference no: EM13219287

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