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The following information about a monopoly is given:
Demand: Q = 40-2P(Q) Average cost: AC(Q) = Q
Marginal Cost: MC(Q) = 2(Q)
a) Derive the marginal revenue equation
b) Find out the quantity at which profits are maximal. given that quantity, find out the price charged and monopolist's profits. (solve for answers using the equations)
c) Find out the efficient output?
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