ECON QUESTION, need back asap

timer Asked: Jan 29th, 2021

Question Description

Suppose a Demand curve given by P = 120 – 15Q. The Total cost C is given by TC = 6Q2

(a)Calculate the profit maximizing equilibrium price and quantity assuming this firm operates as a monopoly.

(3 marks)

(b)If this firm is in a monopolistically competitive market instead, what would be its equilibrium output and price in the long-run?

(4 marks)

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