The demand function for a monopolist?s product is p = 500- 5 q and the average cost per unit for producing q unit is where p= price, and q= quantity demand.

Use Matlab (or of any other software) is recommended. Choose any of the projects and answer the question for your selected project at the end of this document.

• Develop a 2D plotfor demand versus the price.
• Develop a 2D plot for average cost versus the quantity.
• Compute the demand elasticity when price equal to1.
• Compute the marginal cost when the quantity is equal 1.
• Develop theprofit function.
• Find the quantity that maximizes the total profit.
• What is the price that maximizestheprofit?
• What is the maximum profit?

Transcribed Image Text:

+8+b=2 1000 Ч Ь +8+b=2 1000 Ч Ь

Answer rating: 100% (QA)

Proposed Solution Methodology 1 q 05100 p 5005q the demand equation used to determine price of one u... View the full answer