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Find the consumer surplus and producer surplus

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Reference no: EM133064041

Consider a monopolist who faces the following demand function2

1. Find the profit maximising price and quantity. Q = 80- P/2 ( 2 is divided by the whole 80-P) The cost function of the monopolist is C = 10+2Q

2. Find the consumer surplus and producer surplus.

3. Suppose the government sets a price ceiling of P = 70. How would this affect the profit?=

Reference no: EM133064041

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