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(See Solution) Craig’s Red Sea Restaurant is the only restaurant in Columbia, South Carolina, that sells Ethiopian food. The demand for Ethiopian food is


Question: Craig’s Red Sea Restaurant is the only restaurant in Columbia, South Carolina, that sells Ethiopian food. The demand for Ethiopian food is given by Q = 10,000 - 20P. Craig’s costs are given by TC = 1,000 + 10Q + .05Q2.

  1. . If Craig behaves like a monopolist, what are the output level and price to maximize its profit?
  2. . If Craig behaves like a purely competitive firm, what are the output level and price to maximize its profit?

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