1. Andrew is the manager of a pharma company considered to be a monopoly that faces a inverse demand curve described by P = 270 - 20Q. If costs are defied as C = 30Q + 5. Andrew's pharma firm's maximum profits are: a 751 b 715 c 580 d 765 2 Which of the following is a necessary condition and a component of a profit maximizing monopoly? a P = MR b P = ATC + MR c MR = MC + ATC d MC = MR 3 A downward sloping, linear demand function exhibits: a less elastic demand as output increases b more elastic demand as output increases c cannot be determined with information given d Constant demand elasticity 4 Brian is a manager within a perfectly competitive market facing a firm demand curve of $30 . Brian's total cost curve is C(Q) = 100 + 5Q + 0.5Q2. What level of output should Brian produce in the short run? a 25 b 8 c 10 d 15 5.Diasia is a manager of a firm that sells its product in a competitive market at a price of $40. Diasia firm's cost function is C = 4Q2.+ 60 The profit-maximizing output for Diasia's firm is: a.15 b.3 c.10 d.5