Suppose a monopoly firm sells it product in two different markets with their respective demand functions given as follows.

Q 1 = 500 – P 1, Q 2 = 300 – P 2 Firm’s total cost function is given as TC = 50000 + 100 Q Find:

(

a) profit maximizing output,

(

b) profit maximizing price, (

c) prices for the two markets, and (

d) total profit at equilibrium.