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Exercise: Dr. Smith is a cardiologist who produces medical care in a monopolistically competitive market. Assume the following.
The weekly demand for Dr. Smith's services is given by = 100- (hint: for graphing purposes with (i.e. price) on the vertical axis and quantity (i.e. patients) on the horizontal axis, the inverse demand curve is = 100-).
Marginal Revenue is twice as steep as demand, so = 100-2.
Dr. Smith's total cost of producing medical care is given by = 100 20 2 and marginal cost of producing medical care is given by = 20 2.
Question 1. To maximize profit, how many patients will Dr. Smith see each week?
Question 2. To maximize profit, what price will Dr. Smith charge per office visit?
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