Please provide answer with method and explanantion 9.Using the industry demand schedule below:Price (P)Quantity (Q)3.232.82.62.42.221.81.61.43456789101112If a monopolist faces the above demand schedule and has costs estimated by:TC = 5 +0.7Q, what is her optimal P & Q? What profit does she earn at this production quantity?

A monopoly is a market situation at which there is only one seller that sells a product which has no…

Answered: Please provide answer with method and…

Business

Economics

Please provide answer with method and explanantion

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter25: Monopoly

Section: Chapter Questions

Problem 14E

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Question

Please provide answer with method and explanantion

9.
Using the industry demand schedule below:
Price (P)
Quantity (Q)
3.2
3
2.8
2.6
2.4
2.2
2
1.8
1.6
1.4
3
4
5
6
7
8
9
10
11
12
If a monopolist faces the above demand schedule and has costs estimated by:
TC = 5 +0.7Q, what is her optimal P & Q? What profit does she earn at this production quantity?

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