Tad's bait shop has a monopoly on the bait market at Sanderson's Lake. The demand curve for bait is Q_D = 56 - 8P $\iff$ P = 7 - Q_D. This implies the marginal revenue function is: MR(Q) = 7 - Q. Tad has two employees he can use to search for bait. The marginal cost of using Amanda to search for bait is: MC_M ( Q_M) = Q_M. The marginal cost of using Andrew to search for bait is: MC_N (Q_N) = Q_N. Determine how many units of bait each employee should gather. What is the price Tad receives for selling the bait?

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The Answer of Tad's bait shop has a monopoly on the bait market at Sanderson's Lake. The demand curve for bait is Q_D = 56 - 8P $\iff$ P = 7 - Q_D. This implies the marginal revenue function is: MR(Q) = 7 - Q. Tad has two employees he can use to search for bait. The marginal cost of using Amanda to search for bait is: MC_M ( Q_M) = Q_M. The marginal cost of using Andrew to search for bait is: MC_N (Q_N) = Q_N. Determine how many units of bait each employee should gather. What is the price Tad receives for selling the bait?

Tad's Bait Shop Has a Monopoly on the Bait Market ⟺ \iff⟺

Tad's Bait Shop Has a Monopoly on the Bait Market $\iff$