You are the manager of a monopoly that faces a demand curve described by p = 230 - 20q. your costs are c = 5 30q. the profit-maximizing output for your firm is:____.

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10-08-2022
Business

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You are the manager of a monopoly that faces a demand curve described by p = 230 - 20q. your costs are c = 5 30q. the profit-maximizing output for your firm is:____.

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shivanijain4931 shivanijain4931 · Answer 1 · 2022-08-13T07:36:54+02:00

You are the manager of a monopoly that faces a demand curve described by p = 230 - 20q. your costs are c = 5 30q. the profit-maximizing output for your firm is 495

MC=dTC\Dq=30

and

TR=P*Q=230Q-20Q^2

MR=dTR\dQ=230-40Q

The firm will produce at MR=MC

So,

230-40Q=30

Q=5

And P=230-20*5=130

So

profit=TR-TC

=P*Q-(5+30Q)

=130*5-5-30*5

=495

So the profit is 495

As Irving Fisher explained, a monopoly is a market without competition that creates a situation in which a particular person or firm is the sole supplier of a particular thing.

A monopoly is a situation where he is the only seller in the market. In traditional economic analysis, the monopoly case is viewed as the antithesis of perfect competition. By definition, the demand curve faced by a monopoly is the downward sloping industry demand curve.

Learn more about monopoly here:https://brainly.com/question/13113415

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