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Tad's bait shop has a monopoly on the bait market at Sanderson's Lake. The demand curve for bait ...

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Tad's bait shop has a monopoly on the bait market at Sanderson's Lake. The demand curve for bait ...

Tad's bait shop has a monopoly on the bait market at Sanderson's Lake. The demand curve for bait is QD = 56 - 8P  P = 7 - QD. This implies the marginal revenue function is:
MR(Q) = 7 - Q. Tad has two employees he can use to search for bait. The marginal cost of using Amanda to search for bait is: MCM ( QM) = QM. The marginal cost of using Andrew to search for bait is: MCN (QN) = QN. Determine how many units of bait each employee should gather. What is the price Tad receives for selling the bait?

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Microeconomics

Edition: 8^th

Author: Pindyck

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