#2 QUESTION 1If the demand equation for a firm's product is equal to P = 10-Q, the marginal revenue MR isO 5-20O 10-4QO 10-Q10-20QUESTION 2"If a firm faces a demand curve of P = 2,000-Q and marginal costs of MC = 2Q, then the firm's profit maximizing quantity will be:"Ⓒ$100$200O $500$600QUESTION 3If an amusement park decides to apply two-part tariff rule to set price, given the demand equation P-6-2.5Q and MC =$1, heand quantity (Q).P=$1; Q=3.P=$30=1Click Save and Submit to save and submit. Click Save All Answers to save all answers.

A profit-maximizing firm produces at MR = MC to maximize the profit. MR is marginal revenue. MC is…

Answered: "If a firm faces a demand curve of P =…

"If a firm faces a demand curve of P = 2,000-Q and marginal costs of MC = 2Q, then the firm's profit maximizing quantity will be:" O $100 O $200 O $500 O $600

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Monopoly

Section: Chapter Questions

Problem 6PA

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