K Demand: P=10-Q Marginal Revenue: MR = 10 - 20 Total Cost: TC = 3+Q+0.5Q² Marginal Cost: MC = 1 + Q The above equations describe the monopolist's demand, marginal revenue, total cost, and the marginal cost. What is the monopolist's profit? O $10.5 $7.5 $15 $8

K Demand: P=10-Q Marginal Revenue: MR = 10 - 20 Total Cost: TC = 3+Q+0.5Q² Marginal Cost: MC = 1 + Q The above equations describe the monopolist's demand, marginal revenue, total cost, and the marginal cost. What is the monopolist's profit? O $10.5 $7.5 $15 $8

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Demand: P=10-Q
Marginal Revenue: MR = 10 - 2Q
Total Cost: TC = 3 +Q+0.5Q²
Marginal Cost: MC = 1 + Q
The above equations describe the monopolist's demand, marginal revenue, total cost, and the marginal
cost. What is the monopolist's profit?
$10.5
$7.5
$15
$8

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