The following equations describes a monopolist's (who sells soccer balls in Durham arca) demand marginal revenue, total cost, and marginal cost: Demand : P = 10 - Q Marginal Revenue: MR = 10 - 20 Total Cost : TC = 3 + Q + 0.5Q ^ 2 Marginal Cost = 1 + Q Where Q is the quantity and P is the price measured in dollars Find out the profit- maximizing output of soccer balls. At what price they are sold? What is the monopolist's profit? (Hint: to figure out the profit you need to calculate the ATC, divided both sides of the given TC equation by Q to find the equation for ATC. Then plug in the Q and values you have calculated ).

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