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You are the manager of a monopoly, and your analysts have estimated your demand and cost functions as P = 200 − 2Q and C(Q) = 1,000 + 3Q2, respectively.
a. What price–quantity combination maximizes your firm’s profits?
Instructions: Round your response to the nearest penny (two decimal places).
Price: $
Quantity:
units
b. Calculate the maximum profits.
Instructions: Round your response to the nearest penny (two decimal places).
$
c. Is demand elastic, inelastic, or unit elastic at the profit-maximizing price–quantity combination?
multiple choice 1
Elastic
Unit elastic
Inelastic
d. What price–quantity combination maximizes revenue?
Instructions: Round your response to the nearest penny (two decim
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