Question: 2. Stanley Smith has a soft drink concession monopoly at Fort Tippecanoe, Indiana, County Fair. He believes his total cost for supplying the drinks will

2. Stanley Smith has a soft drink concession monopoly at Fort Tippecanoe, Indiana, County Fair. He believes his total cost for supplying the drinks will be TC = 800 + 0.2Q + 0.0001Q2 If the County Fair Board tells him he must charge $0.80 and demand for the drinks during the fair is given by the demand curve Q = 5000 - 2500P determine the following: (a) The number of drinks sold and Stanley's total profit at the fixed price of $0.80 per drink. (b) Stanley's profit-maximizing output, price, and profit if he were allowed to set his own price instead of having to charge $0.80

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