Business, 01.01.2022 05:30 ayoismeisalex
You have recently been hired in a firm that is the sole distributor of water to consumers in
your country. You obtain the following information about the demand and production
costs:
Demand: P = 1,000 – 10Q
Marginal Cost: MC = 100 + 10Q
where Q indicates the number litres of water supplied and P is the price in dollars.
i. Find the price and quantity that maximizes the company’s profit. [5 marks]
ii. Now find the price and quantity that would be produced in a perfectly competitive
market.
Answers: 2
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