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Assume that a pharmaceutical company has a monopoly over the production of master cream, a drug used on skin rashes. Further suppose that the demand for master cream is given by the expression QD = 1,500 - P, where QD is the quantity demanded (in bottles) and P is the price. Assume that the company's costs are given by the expressionTC = 100 - Q^2 + 5Q^3.
a) What is the profit-maximizing level of output of master cream (in bottles)?
b) What is the profit-maximizing price?
c) What is the maximum level of profit?
Name three goods or services with highly elastic price elasticity of supply. Name three goods or services with highly inelastic price elasticity of supply.
Economics of Markets and Organizations
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