I cannot figure out even where to start with this
DATA GIVEN for a DEMAND CURVE for a MONOPOLIST
Qd=500-P
MR= 500-2Q
The monopolist has a constant marginal and average total cost of $50 per unit.
I have to find the monopolist profit-maximizing output and price
I have to calculate the monopolists profit
I would appreciate some direction on even where to start in this problem
DATA GIVEN for a DEMAND CURVE for a MONOPOLIST
Qd=500-P
MR= 500-2Q
The monopolist has a constant marginal and average total cost of $50 per unit.
I have to find the monopolist profit-maximizing output and price
I have to calculate the monopolists profit
I would appreciate some direction on even where to start in this problem