Answer to Question #88465 in Economics for Adams

Question

In your city, there are a number of large private hospitals that have been established providing health care services and therefore, no single hospital has control over the price of the product. The following total revenue and cost functions are given for a single hospital: TR = 10Q TC = 1000 + 2Q + 0.01Q2 a.) Determine how many units of the product a firm will produce per annum if it aims at profit maximization. b.) Find the total profit made by it in the equilibrium situation. c.) Briefly explain the four main characteristics of a perfectly competitive market structure. d.) How can a hospital enjoying a monopoly in the provision of a certain unique health intervention lead to market failure?

Answer 1

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