# Suppose a monopolist has TC = 100 + 10Q + 2Q2, and the demand curve it faces is P = 90 - 2Q. What...

## Question:

Suppose a monopolist has {eq}TC = 100 + 10Q + 2Q^2 {/eq}, and the demand curve it faces is {eq}P = 90 - 2Q {/eq}. What will be the price, quantity, and profit for this firm?

## Monopoly:

A Monopoly is a firm that is the only producer of a given good in the market. The producer in a monopoly is known as a monopolist. Monopolies exist when there are significant barriers to entry into a market and the existing producer sets the prices and purchases its raw materials at negotiated low prices.

## Answer and Explanation: 1

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{eq}\begin{align*} TC &= 100 + 10Q + 2{Q^2}\\ P &= 90 - 2Q \end{align*} {/eq}

The total revenue, marginal revenue, and marginal cost...

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Chapter 7 / Lesson 2Understand the meaning of a monopoly in economics and what it does. Also, know the characteristics of a monopoly and the different types of monopolies.

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