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Homework answers / question archive / Suppose the (inverse) demand function for a single-price monopoly is P=280-2Q

Suppose the (inverse) demand function for a single-price monopoly is P=280-2Q

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Suppose the (inverse) demand function for a single-price monopoly is P=280-2Q. This means that the marginal revenue function for the monopolist is MR=280-4Q. Assume the marginal cost function is given by MC=3Q. Find the price that the monopolist will charge. Hint: You will first have to find the quantity and then plug this into the demand function to find the price. This is a fill-in-the-blank problem. Just enter your answer as a number (do not enter text, dollar signs, or anything else).

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