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Question: 1. A monopoly faces the following TR and TC schedules:
TR = 300q - 2q2
TC = 21q3 - 44q2 + 60q + 30
What output should it sell to maximize profit?
2. A firm faces the demand function p = 190 - 0.6q and the total cost function TC = 40 + 30q + 0.4q2
(a) What output will maximize profit?
(b) What output will maximize total revenue?
(c) What will the output be if the firm makes a profit of £4,760?
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