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A monopolist's demand function is given by
P = 80-3Q
(with MR = 80-6Q).
Its total cost function is
TC = 20Q + 200
(with MC = 20).
(i) Using algebra determine the profit maximizing output, price and optimal profit for the firm.
(ii) Assume that instead of maximizing profit, the firm wants to maximize total revenue. Using algebra determine the optimal output, price, profit and revenue for the firm.
Go to the internet auction site eBay at www.ebay.com and pick the category Jewelry and Watches, followed by Loose Diamonds and Gemstones, and then Diamonds, Natural.
Demand and supply schedules
Calculate the elasticity of demand and elasticity of supply at each price change in the market for financial calculators
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