# Demand and cost functions

You are the manager of a monopoly, and your demand and cost functions are given by P = 300 – 3Q and C(Q) = 1,500 + 2Q2, respectively.

a. What price–quantity combination maximizes your firm’s profits?

Price: \$[removed]
Quantity: [removed]units

b. Calculate the maximum profits.

\$[removed]

d. What price–quantity combination maximizes revenue?

Price: \$[removed]
Quantity: [removed]units

e. Calculate the maximum revenues.

\$[removed]

A firm sells its product in a perfectly competitive market where other firms charge a price of \$90 per unit. The firm’s total costs are C(Q) = 40 + 10Q + 2Q2.

a. How much output should the firm produce in the short run?

[removed]units

b. What price should the firm charge in the short run?

\$[removed]

c. What are the firm’s short-run profits?

\$[removed]

## Looking for help with your homework? Grab a 30% Discount and Get your paper done! 30% OFF Turnitin Report Formatting Title Page Citation
Place an Order

Grab A 14% Discount on This Paper
Pages (550 words)
Approximate price: -