Question: Suppose that a monopoly owns two oil fields. Both field have identical marginal extraction costs given by MC = 19 +5* Q where MC

Suppose that a monopoly owns two oil fields. Both field have identical

Suppose that a monopoly owns two oil fields. Both field have identical marginal extraction costs given by MC = 19 +5* Q where MC is given in dollars per barrel and Q is the quantity produced given in million barrels per day. Market demand for oil in the area is given by P = 53-3 * Q where P is the price of oil given in dollars per barrel. What is the monopoly's oil price?

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