Statistics Solutions

[Solution] Consider an imperfectly competitive firm facing the following relations: Demand curve P= 50- Q TC= 20 + 4Q 2 Find the profit maximising price

Question: Consider an imperfectly competitive firm facing the following relations:

Demand curve P= 50- Q

TC= 20 + 4Q 2

  1. Find the profit maximising price and output combination and the maximum profits.
  2. A tax of T=10Q is imposed by the government what will be the new profit maximising equilibrium?
  3. If instead there was a fixed lump-sum tax T=100 what difference would it make for profit maximisation?

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