1. A monopolists Demand function is P = 1624 - 4Q, and its Total Cost function is TC = 22,000 + 24Q -4Q2 + ?Q3,

1. A monopolist’s Demand function is P = 1624 - 4Q, and its Total Cost function is TC = 22,000 + 24Q -4Q2 + ?Q3, where Q is output produced and sold. At what price (P) should the monopolist shut down? (Points : 3) 2. The supply and demand equations for a hypothetical perfectly competitive market are given by QS = -100 + 3P and QD = 500 - 2P. a. Determine the firm’s optimal (i.e. profit maximizing level of output) and its profit or loss. b. Graph the MR and MC curves and use the graph to find