For a monopoly.
Demand schedule: Q = 50 - P
Isoprofit function, P = π / Q (where π is the profit level)
Find the price and quantity that the firm will choose if it wishes to maximise profits and sketch the profit maximising function.
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So far I have done:
π = TR - TC
TR = PQ = P(50 - P) = 50P - P^2
MR = TR' = 50 - 2P
I know that maximum profit is where, MR = MC. But I don't know how to find MC. Help please. (If I am doing it correctly)