Business, 17.10.2021 08:50 chantellejames4073

You are the manager of a monopoly, and your analysts have estimated your demand and cost functions as P = 200 − 2Q and C(Q) = 1,000 + 3Q2, respectively. a. What price–quantity combination maximizes your firm’s profits?

Instructions: Round your response to the nearest penny (two decimal places).

Price: $

Quantity:
units

b. Calculate the maximum profits.

Instructions: Round your response to the nearest penny (two decimal places).

$

c. Is demand elastic, inelastic, or unit elastic at the profit-maximizing price–quantity combination?

multiple choice 1
Elastic
Unit elastic
Inelastic

d. What price–quantity combination maximizes revenue?

Instructions: Round your response to the nearest penny (two decimal places).

Price: $

Quantity:
units

e. Calculate the maximum revenues.

Instructions: Round your response to the nearest penny (two decimal places).

$

f. Is demand elastic, inelastic, or unit elastic at the revenue-maximizing price–quantity combination?

multiple choice 2
Unit elastic
Elastic
Inelastic

Answers: 1

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You are the manager of a monopoly, and your analysts have estimated your demand and cost functions a...

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