Question: 8. Suppose a monopoly has faces the demand function P-300-2q. It has a constant marginal cost of production equal to 20 (a) Define the

8. Suppose a monopoly has faces the demand function P-300-2q. It has

8. Suppose a monopoly has faces the demand function P-300-2q. It has a constant marginal cost of production equal to 20 (a) Define the firm's profit function. (b) Calculate the firm's profit-maximising level of output and price. (c) Depict this monopoly on a diagram, then calculate the deadweight loss of its output [1 mark] [2 marks] [2 marks

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