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02-06-2023
Business

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Question 3 (25 marks) Consider firm M, a monopolist for an effective medication. The total cost curve for producing units of the medication is given by TC(Q) = 17+2Q+Q². After doing market research, M learns that the aggregate demand curve for units of the medication is D(p) = 14 - p. (a) (1 mark) Determine the formula for M's marginal cost curve. (b) (1 mark) Determine the formula for the inverse aggregate demand curve. (c) (1 mark) Determine the formula for M's marginal revenue curve. (d) (1 mark) If M wanted to maximise the total revenue from the medication, how many units of the medication would M sell? Briefly explain.

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