Question: A monopolist's demand function is P = 1624 - 4Q, and its total cost function is TC = 22,000 + 24Q -4Q2 + 1/3 Q3,

A monopolist's demand function is P = 1624 - 4Q, and its total cost function is TC = 22,000 + 24Q -4Q2 + 1/3 Q3, where Q is output produced and sold. Analyse and recommend:

(i) The level of output and sales (Q) and price (P) that maximize profits.

(ii) The level of output and sales (Q) and price (P) that maximize total revenue.

(iii) The price level that the monopolist should shut down.

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