K Demand: P=10-Q Marginal Revenue: MR = 10 - 20 Total Cost: TC = 3+Q+0.5Q² Marginal Cost: MC = 1 + Q The above equations describe the monopolist's demand, marginal revenue, total cost, and the marginal cost. What is the monopolist's profit? O $10.5 $7.5 $15 $8

Survey Of Economics
10th Edition
ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter8: Monopoly
Section: Chapter Questions
Problem 7SQP
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Demand: P=10-Q
Marginal Revenue: MR = 10 - 2Q
Total Cost: TC = 3 +Q+0.5Q²
Marginal Cost: MC = 1 + Q
The above equations describe the monopolist's demand, marginal revenue, total cost, and the marginal
cost. What is the monopolist's profit?
$10.5
$7.5
$15
$8
Transcribed Image Text:Demand: P=10-Q Marginal Revenue: MR = 10 - 2Q Total Cost: TC = 3 +Q+0.5Q² Marginal Cost: MC = 1 + Q The above equations describe the monopolist's demand, marginal revenue, total cost, and the marginal cost. What is the monopolist's profit? $10.5 $7.5 $15 $8
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