Given an inverse demand function P = 485 – 5Q and the marginal cost curve MC = 5 – Q + Q². Determine the social optimal price and quantity.
Economics Given an (inverse) demand function P = 485 – 5Q and the marginal cost curve MC = 5 – Q + Q². (Keep at least two decimal points in your calculations.) Determine the social optimal price and quantity. Find consumer and producer surpluses under the social optimal condition. Determine the monopolistic price and quantity. … Read more