5000 The demand function for a monopolist's product is p(q) = 1300 – 7q and the average cost per unit for producing q units is ĉ = 0.004q² – 1.6 q + 100 + where p= price, and q= quantity demand. 2 q
5000 The demand function for a monopolist's product is p(q) = 1300 – 7q and the average cost per unit for producing q units is ĉ = 0.004q² – 1.6 q + 100 + where p= price, and q= quantity demand. 2 q
Chapter8: Monopoly
Section: Chapter Questions
Problem 8SQP
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A2)
Compute the point elasticity of demand .
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