When the iPad was introduced, Apple’s constant marginal cost of producing this iPad was about $220. We estimate that its average cost was about AC = 220 + 2,000/Q, and that Apple’s inverse demand function for the iPad was p = 770 - 11Q, where Q is measured in millions of iPads purchased.8 What was Apple’s marginal revenue function? What were its profit-maximizing price and quantity? What was its profit?