A monopolist with constant average and marginal cost equal to 8 (AC = MC = 8) faces demand Q = 100 - P, implying that its marginal revenue is MR = 100 - 2Q. Its profit maximizing quantity is
a. 8
b. 46
c. 50
d. 92
Question 2
Suppose a man and a woman are in love and care for the other's happiness as well as their own consumption. Suppose the woman is more selfish than the woman UM = CM1/2 UW1/2 UW = CW2/3 UM1/3 They will maximize the joint happiness (UM + UW) where
a. CM = 100; CW = 0
b. CW = 100; CM = 100
c. 50 < CM < 100; 0 < CW < 50
d. 50 < CW < 100; 0 < CM < 50
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