Profit-maximizing price-quantity combination

Reference no: EM13692433

You are the manager of a monopoly and your demand and cost functions are given by P=300-3Q, C(Q)=1,500+2Q^2, respectively.

What is the profit-maximizing price and output?

Calculate the maximum profits.

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

Reference no: EM13692433

Questions Cloud

What long-run adjustment should you expect : Suppose the demand and cost function for a monopolistically competitive firm are given by: Q=36-4Q,C(Q)=124-16Q+Q^2. Determine the profit maximizing price and level of output.

Profit-maximizing price-quantity combination : You are the manager of a monopoly and your demand and cost functions are given by P=300-3Q, C(Q)=1,500+2Q^2, respectively. What is the profit-maximizing price and output?

Demand plans and short-term costs for a particular product : A firm has the following demand plans and short-term costs for a particular product. Q = 200 -5p TC = 400 + 4Q. What price should the company sell their product? What will be the price and quantity if Bramwell wants to?

Classical macroeconomists believed that market-based economy : Classical macroeconomists believed that a market-based economy has ________ self-correcting forces and thus ________ business cycles. The first two years of the Great Depression were dominated by

What was the rationale for that decision : Do corporations have responsibility in the financial meltdown and its aftermath of recession – the most serious since the Great Depression of 1930s? Free-market capitalism dictates that markets create efficient solutions and businesses that fail shou..

Outward or inward shift in relevant demand curve for housing : The demand for housing its often described as being highly cyclical and very sensitive to housing prices and interest these characteristics describe the effect of each of the following in terms of whether it would increase or decrease the quantity de..

User Account

All Pages