# Question

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

a. What price-quantity combination maximizes your firm’s profit?

b. Calculate the maximum profit

c. Is demand elastic, inelastic, or unit elastic at the profit- maximizing price– quantity combination?

d. What price–quantity combination maximizes revenue?

e. Calculate the maximum revenues.

f. Is demand elastic, inelastic, or unit elastic at the revenue- maximizing price– quantity combination?

a. What price-quantity combination maximizes your firm’s profit?

b. Calculate the maximum profit

c. Is demand elastic, inelastic, or unit elastic at the profit- maximizing price– quantity combination?

d. What price–quantity combination maximizes revenue?

e. Calculate the maximum revenues.

f. Is demand elastic, inelastic, or unit elastic at the revenue- maximizing price– quantity combination?

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