Consider the production function q = K0.5 for a firm operating in a perfectly competitive market. Suppose that, in the short run, the amount of…

competitive market. Suppose that, in the short run, the amount of capital is fixed at 1. The wage paid to each worker is $2 and the cost of capital is $1m.If this firm for some reason, all of a sudden, becomes a monopolist, write out its average revenue function

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