Hat price should he charge and what are his profits

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Harry Smith owns a metal-producing company that is an unregulated monopoly. After considerable experimentation and research, total cost and marginal cost curves are: TC = 100 + 60Q + Q2 MC = 60 + 2Q where MC is marginal cost (in dollars) and Q is output. The demand and marginal revenue curves for the product are: P = 100 Q MR = 100 2Q where P is the product price (in dollars) and Q is output.

a. If Smith wants to maximize profit, what output should he choose?

b. What price should he charge and what are his profits?

Reference no: EM131239858

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