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A monopolist has the following short-run total cost function and demand function:
Total Cost: TC = 32 + 2Q + 1/2Q^2Marginal Cost: MC = 2 + QDemand: Q = 52-2Pwhere P is the price per unit of output, and Q is the quantity of output.
(a) What price and quantity combination maximizes the monopolist's total revenues?
(b) What price will the profit-maximizing monopolist charge? What will profits equal?
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