Compute the maximum profits

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Reference no: EM1349106

You are the manager of a monopoly, and your demand and cost functions are given by P = 252 - 6Q and C(Q) = 300 + 3Q2, respectively.

a. Illustrate what price-quantity combination maximizes your firm's profits

b. Compute the maximum profits.

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

d. What price-quantity combination maximizes revenue?

e. Calculate the maximum revenues.

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

Reference no: EM1349106

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