I got most of these problems wrong in a recent quiz I don't want to fail my final Can someone please teach me, step my step, what are the formulas and steps to solve these six questions Thank you Type of firm Monopoly Firm The firm maximizes profits Average revenue (demand) curve P 360 0 04Q Cost function C 60Q 5000 Marginal cost (MC) of production $60 Q output P price in dollars C cost Calculate the profit maximizing level of output produced by the monopoly firm Calculate the market price that will be set by the monopolist at the profit maximizing level of output What will be the total profit earned by the profit maximizing monopolist Can you calculate the total market consumer surplus in this market Can you calculate the total producer surplus in this market Can you calculate the total economic surplus in this market (Total economic surplus is a measure of total economic welfare generated by the market )

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Question: I got most of these problems wrong in a recent quiz. I don't want to fail my final. Can someone please teach me, step my

I got most of these problems wrong in a recent quiz. I don't want to fail my final. Can someone please teach me, step my step, what are the formulas and steps to solve these six questions? Thank you!

Type of firm: Monopoly Firm

The firm maximizes profits.

Average revenue (demand) curve: P = 360 0.04Q

Cost function: C = 60Q + 5000.

Marginal cost (MC) of production: $60.

Q=output

P=price in dollars

C=cost

Calculate the profit-maximizing level of output produced by the monopoly firm.
Calculate the market price that will be set by the monopolist at the profit-maximizing level of output.
What will be the total profit earned by the profit-maximizing monopolist?
Can you calculate the total market consumer surplus in this market?
Can you calculate the total producer surplus in this market?
Can you calculate the total economic surplus in this market? (Total economic surplus is a measure of total economic welfare generated by the market.)

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