Question: The total cost function for a monopolist is given by TC = 44,000 + 180Q + 0.03Q2 and the demand function is P = 420

The total cost function for a monopolist is given by TC = 44,000 + 180Q + 0.03Q2 and the demand function is P = 420 - 0.06Q per unit of output. i. What is the profit maximising level of output? (5 marks) ii. Calculate the profit maximizing price. (2 marks) iii. Calculate total profit at the profit maximising level of output.

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