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Suppose Ethiopian Electric Light and Power Corporation (EELPC) is a multi plant monopolist having two plants, Tekeze plant (plant1) and Fincha plant (Plant2). The operating costs of the two plants are given as follows: Tekeze Plant: TC1 = 10 Q1 2 and where Q1 - Amount of electric power produced in Tekeze Fincha plant: TC2 = 20 Q2 2 Q2 – amount of electric power produced in Fincha EELPC estimates the demand for electric power by the following function P= 700 – 5Q where P - is price (total in million birr) per Giga watt and Q – is the total amount of Giga watt sold and Q = Q1 + Q2 Note that a Giga watt of electric power, whether it comes from Fincha or Tekeze plant worth equal price a) What level of output (electric power) should EELPC produce and what price per Kilowatt should it charge to maximize its profit? b) How much of the total output should be produced in each plant?
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