Compute the market power of your business. c) What determines the market power of a business?

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You are the manager of a business in a monopoly market with the following inverse demand fu Show more Monopoly You are the manager of a business in a monopoly market with the following inverse demand function p=30-1/10q In addition assume your production technology is described by the total cost function C(q) = 500+10q a) Determine the optimal quantity to produce (q M ) the price you should charge for your product (p M ) and compute the profit of your business. b) Provide an intuitive explanation of market power. What is market power? How do we measure the market power of a business? Compute the market power of your business. c) What determines the market power of a business? Explain. Show less

 

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