Given a Monopoly demand function of P= 245-16Q and total cost function of TC = 15,000 + 45Q – 16Q 2 + 2/3 3 where Q is output produced and sold.
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Given a Monopoly demand function of P= 245-16Q and total cost function of TC = 15,000 + 45Q – 16Q2 + 2/33 where Q is output produced and sold.
a. At what level of output (Q) and price (P) will Total Profits be maximized?
b. If the firm behaved like a perfectly competitive firm what would be the level of output (Q) and price (P).
c. Roughly sketch this problem, marking all quantities and prices that were found.
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