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Assume that a monopolist sells a product with a total cost function TC= 1,200 + 0.5Q2 and a corresponding marginal cost function MC= Q. The market demand curve is given by the equation P= 300 – Q.a. Find the profit-maximizing output and price for this monopolist. Calculate the profit. 3 marks. b. Calculate the price elasticity of demand at the monopolist’s profit-maximizing price. Also calculate the marginal cost at the monopolist’s profit-maximizing output. Verify that the IEPR holds
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