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You are a manager of a monopoly, your demand and cost functions are given by P = 200 - 2Q and C(Q) = 2,000 + 3Q^2 respectively. a. What
You are a manager of a monopoly, your demand and cost functions are given by P = 200 - 2Q and C(Q) = 2,000 + 3Q^2 respectively. a.What price-quantity combination maximizes your firm’s profits?b.Calculate the maximum profits.c.Is demand elastic, inelastic, or unit elastic at the profit-maximizing price-quantity combination?d.What price-quantity combination maximizes revenues?e.Calculate the maximum revenues.f.Is demand elastic, inelastic, or unit elastic at the revenue-maximizing price-quantity combination?SHOW ALL CALCULATIONS.
