3. A single firm has a monopoly in the market for doodads and can produce at constant average and marginal costs of C dollars per doodad. The firm faces the market demand curve given by Q = A- Bp , where A, B, and C are positive parameters such that A > BC. 3 (a) Find the profit-maximizing quantity, price, and profit as functions of A, B, and C. (b) Use your part-(a) results to complete the following table: (A, B, C) P (60, 1, 10) (25, 0.5, 10) (80, 2, 10) (c) Use your part-(b) results to explain why a monopoly has no supply curve in the sense that perfectly competitive firms or industries do.(d) Plot the demand and cost curves given in the part-(b) table along with the associated profit-maximizing quantity-price pairs in the following graph after labelling appropriately the two axes. 60 - 50 - 40 - 30 - 20 - 10 - o+ 0 10 20 30 40 50 60 70 4