Question: You are a manager of a monopoly and your demand and cost functions are given by:

\(\mathrm{P}=200-2 \mathrm{Q}\) and \(\mathrm{C}=2,000+3 \mathrm{Q}^{2}\), respectively.

1. What are your profit maximizing price and quantity?
2. What is the amount of your profit or loss at the above determined price and quantity?
3. Is the monopoly demand elastic or inelastic at the profit maximizing price and quantity?
4. Is the profit maximizing quantity you obtained in (b) the same as the total revenue maximizing quantity? Illustrate your answer.

Price: $2.99

Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document