Question: Algebraic Problem I - Monopoly with Linear Cost Function (10 points ) Consider a monopolist with cost function TC = 3Q and demand curve given

Algebraic Problem I - Monopoly with Linear Cost Function (10points)

Consider a monopolist with cost function TC = 3Q and demand curve given by Q = 50 - 2P. [ Hints: marginal cost is equal to 3, marginal revenue is 25 - Q ]

(i) What is the monopoly price and quantity?

(ii) What is the firm's profit?

Please solve this problem manually and correctly (Without using chat GBT as it can make calculation errors and problem errors). Please solve both parts to the question correctly?

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