Question: please answer and show the calculations also. Thanks Tea Kandy (TK) is the only a bubble tea store in Ljubljana. The local demand for bubble

please answer and show the calculations also. Thanks Tea Kandy (TK)

please answer and show the calculations also. Thanks

Tea Kandy (TK) is the only a bubble tea store in Ljubljana. The local demand for bubble tea is given by QD = 1200 - 12P. TK's total cost is TC = Q2/12 - 40Q + 3000. (a) Suppose TK wants to maximise profits, what would be the price they would choose for a serving of bubble tea? Show your work. [4 marks] (b) The owners of TK decided they wanted to support drinking of bubble tea. How many serving of bubble tea would TK want to eliminate deadweight loss? [3 marks] (c) One of the employees at TK, who obtained an HD in ECON1001 a few years ago, proposed a third solution: setting a price such that revenue is maximised. Which was the price he proposed? [3 marks]

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