Suppose the inverse demand for a monopolist’s product is given by P = 70-0.5Q. The monopolist can produce output in two plants. The marginal coat of producing in plant 1 is MC1 = 3Q1 and the marginal cost of producing in plant 2 is MC2 = Q2. How much output should be produce in each plat to maximize profit? And what price should be charged? Compare to perfect competition, monopolist charged higher price and supply less quantity with long run firm equilibrium. Discuss using suitable graph. Explain the deadweight loss of monopolization

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