What price-quantity combination maximizes your firm profits

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Question - You are the manager of a firm with demand and cost functions given by P = 1200 - 5Q and C(Q) = 1, 500 + 10Q2, respectively.

-What price-quantity combination maximizes your firm's profits?

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

-What price-quantity combination maximizes revenue?

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

-What do you anticipate to happen in the long run with respect to your profits if

i. Your firm is a monopoly? (1')

ii. Your firm is in a monopolistic competitive market?

Reference no: EM133275966

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