Consider the cost function C(Q) = 1000 + 1.5Q2 for MattCo to produce its new Phone. Using that cost function for the Phone, determine the profit- maximizing output, price and profit (or loss) for the MattCo Phone, and discuss its long-run implications, under three alternative scenarios: a. MattCo Phone is a perfect substitute with a similar product offered by Apple, Samsung and several other Phones that have similar cost functions and that currently sell for $800 each. 1.5 Points You must show your work. If you use a spreadsheet, please use excel and submit the spreadsheet in Canvas. b. MattCo Phone has no substitutes and so is a monopolist, and the demand for the MattCo Phone is expected to forever be Q = 66 - (1/6)P - note you use the cost function (TC(Q) = 1000 + 1.5Q2) to determine the profit-maximizing output, price and profit (or loss). You must show your work. If you use a spreadsheet, please use excel and submit the spreadsheet in Canvas. 1.5 Points c. MattCo Phone currently has no substitutes, and currently the demand for the MattCo Phone is Q = 88 - (1/5)P, but MattCo anticipates other firms can develop close substitutes in the future. - Note you use the cost function (TC(Q) = 1000 + 1.5Q2) to determine the profit-maximizing output, price and profit (or loss). 1 Point