A monopolist has the following total cost function: TC 6 y2 while its downward sloping

A monopolist has the following total cost function: TC ¼ 6 þ y2 while its downward sloping demand is as follows: p ¼ 40  y

a. Set up the profit function, and using the Solver calculate the optimal quantity y* to produce and the equilibrium price p* for a maximum profit.

b. Plot the relevant revenue and cost functions and visualize the equilibrium point.