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→Lecture Eight Assignment
6. Suppose Katie likes to paint for money or even for free, but will not pay extra to paint. Suppose also that the monthly demand for her paintings is P = $500 - 50Q. How many paintings does she create each month?
6. Suppose Katie likes to paint for money or even for free, but will not pay extra to paint. Suppose also that the monthly demand for her paintings is P = $500 - 50Q. How many paintings does she create each month?
'''She paint 5 a month. We find this by determining what Q is when P=0, and taking half of that in order to find where MR=0.'''
'''She paints 5 a month. We find this by determining what Q is when P=0, and taking half of that in order to find where MR=0.'''
7. List some differences between a monopoly and a competitive industry.
7. List some differences between a monopoly and a competitive industry.