Question: Please give me a very detailed answer. Write down the process as you would teach an elementary school student 6. A drug company has a

Please give me a very detailed answer. Write down the process as you would teach an elementary school student

6. A drug company has a monopoly on a new patented medicine. The product can be made in either of two plants. The total costs of production for the two plants (Plant 1 and Plant 2) are given by: TC,(Q,) =10Q; TC,(Q:) = ZOQ:: where and 2. are the level of output produced by Plant 1 and Plant 2, respectively. The firm's estimate of demand for the product is given by P=20-3(Q, +0,) where 7 is the unit price of the product. (a) Suppose that this company is not able to price discriminate. What are the profit maximizing level of output produced by Plant 1 and Plant 2? (b) At what price will it sell the product

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3. How much information do we need to collect?

2. What types of information are we collecting?

5. How quickly can we manage to collect the information?