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Ryan
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Category: Math Homework
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A monopsony faces a supply curve: p=14+5Q What is the

Customer Question

A monopsony faces a supply curve: p=14+5Q
What is the marginal expenditure curve?
The monopsony's marginal expenditure curve is:
1) ME=14+5Q
2) ME=28+5Q
3) ME=14+10Q
4) ME=10Q
Help please
Submitted: 1 year ago.
Category: Math Homework
Expert:  Ashok Kumar replied 1 year ago.

Kindly inform when it is due.

Customer: replied 1 year ago.
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Expert:  Ashok Kumar replied 1 year ago.

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Expert:  Ashok Kumar replied 1 year ago.

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Expert:  Ryan replied 1 year ago.

Hi,

Thank you for using the site.

The expression for the total expenditure is:

Total expenditure = Price * Quantity

Price comes from the supply curve:

Price = 14 + 5Q

The total expenditure is then:

Total expenditure = (14 + 5Q) * Q = 14Q + 5Q^2

The marginal expenditure curve is then the derivative of the total expenditure:

Marginal expenditure = (d/dQ)(14Q + 5Q^2) = 14 + 10Q

Solution: 3) ME=14+10Q

Please feel free to ask if you have any additional questions about this solution.

Thanks,

Ryan