1.Develop a 2D plot for demand versus the price.

2.Develop a 2D plot for average cost versus the quantity.

3.Compute the demand elasticity when price equal to1.

4.Compute the marginal cost when the quantity is equal 1.

5.Develop the profit function.

6.Find the quantity that maximizes the total profit.

7.What is the price that maximizes the profit?

8.What is the maximum profit?

Transcribed Image Text:

The demand function for a monopolist's product is p = 500 - 5q and the average cost per unit for producing q units is c = q + 8 + where p= price, and q = quantity demand. 1000 3 q The demand function for a monopolist's product is p = 500 - 5q and the average cost per unit for producing q units is c = q + 8 + where p= price, and q = quantity demand. 1000 3 q

Answer rating: 100% (QA)

Abstract The problem requires the use of MatLab to analyze Monopolistic characteristics of a business MatLab is used to make plots for demand prices and costs of quantities produced The software is al... View the full answer