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 8 b 2 1000

Question: 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

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?

+8+b=2 1000

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To solve this problem follow these steps Step 1 Plot Demand vs Price The demand function is given by p 500 5q In MATLAB you can plot this as follows m... View full answer

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