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I am confused on the attached question. I need someone to expalain how to solve this and give the answers for the three demand functions.
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(c) Assume the firms cost function is:
C(Q) = 100 + 10Q + Q2
Determine whether this industry is a natural monopoly when the demand function is:
(1) D(P) = 100 - 3P
(2) D(P) = 90 - 3P
(3) D(P) = 100 - 2P.
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Determining a natural monopoly
For a profit maximizing monopolist, P > MC=MR. Furthermore, for a natural monopolist, the
marginal cost will always be less than the average total cost (ATC).
Cost function = C (Q) = 100 + 10Q + Q2
Therefore, we find both Marginal cost and...
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