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Suppose a monopolist produces according to the following demand curve: P = 200 - 4 Q. Assume that the firm faces a constant marginal cost and constant average total cost of $56 per unit produced.
a) Write down the equation for the Marginal Revenue curve.
b) Graph this, including the demand curve, the MR curve, and the AC/MC line.
c) What quantity should this firm produce?
d) What price should it charge per unit?
e) What profit will it make, taking into account your answers in parts b and c?
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