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Question. Firm A is the sole supplier of a certain product. A's marginal cost equals average cost MC = AC = 30, and it faces market demand given by inverse demand function P = 120 0:5Q. Suppose at the moment A produces quantity q = 120 units at price p = 60.
(a) Does rm A maximizes pro t at current price and quantity? Explain.
(b) Is there any dead weight loss at current price and quantity? How much?
(c) What is the monopoly dead weight loss?
Provide specific example of how you used the marginal decision making principle to choose between two alternatives.
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