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  3. A plastics monopolist faces the demand curve P=180 - Q, where Q is measured in

A plastics monopolist faces the demand curve P=180 - Q, where Q is measured in

游客2025-06-21  19
问题  A plastics monopolist faces the demand curve P=180 - Q, where Q is measured in thousands of pounds per year and P is measured in dollars per pound. Marginal cost is constant at MC=＄60 per pound.
(a)Find the monopolist’s profit-maximizing price and quantity.
(b)What is the elasticity of demand at the profit-maximizing price?
选项
答案 (a)Set MR=MC, or 180-2Q=60 to find Q* =60 and P* =180-60=120.
(b)The point elasticity of demand at P* = 120 is Ed=-bP/Q=-1 (120/60)=-2. As is always true with linear demand, the monopolist produces in the elastic portion of the demand curve.
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