Katzenstein Distinguished Lecture prof. Franck Wilczek Nobel Prize in Physics 2004 From MIT Title: The Universe is Strange Place Where: Room P--36 When: Friday at 4: 00PM Refreshments at3:00 PM in front of P--36 Come for great talk
The monopolist is the only firm in the industry. Therefore, they face the entire demand curve. Profits are given by total revenue minus total costs. π = p(y)y − c(y). p(y) is the inverse demand curve