Statistics Solutions

[See Solution] Suppose that the demand for Armani sharkskin zoot suits is given by: Q=200,000-100 P and the long run total cost function for a monopolist

Question: Suppose that the demand for Armani sharkskin zoot suits is given by:

\[Q=200,000-100 P\]

and the long run total cost function for a monopolist supply of these goods is

\[10,000+10000=\mathrm{TC}(Q)\]
  1. What is the long run \(\mathrm{AC}, \mathrm{VC}, \mathrm{FC}, \mathrm{MC}\) and \(\mathrm{MR} ?\)
  2. What the monopolistic price and quantity?
  3. What is the profit made by the monopolist?

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