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A monopoly has the following demand function: Q=2500-20P, where Q is qunatity of output sold per month and P is the price per unit. A firm's short...

A monopoly has the following demand function:
Q=2500-20P, where Q is qunatity of output sold per month and P is the price per unit.

A firm's short run cost function per month is:
STC=500+0.003Q

Based on the above information, your are required to calculate each of the following:

Marginal Revenue function
Marginal Cost function
Profit Maximizing price
Profit Maximizing outpu
Maximum profit

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