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Suppose you are a monopolist operating two plants at different locations. Both plants produce the same product; Q1 is the quantity produced at plant 1, and Q2 is the quantity produced at plant 2. You face the following inverse demand function: P = 500 - 2Q, where Q = Q1 + Q2. The cost functions for the two plants are C1 = 25 + 2Q12; C2 = 20 + Q22.
a. What is your marginal revenue and marginal cost functions?
b. To maximize profits, how much should you produce at plant 1? At plant 2?
c. What is the price that maximizes profits?
d. What are the maximum profits?
Calculation problems should be proven by showing the process you used or the formula you applied to solve the problem.
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