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3. Suppose the inverse demand function for a monopolist's product is P = 364 2Q and the total cost function is TC = 0.5Q2 +

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3. Suppose the inverse demand function for a monopolist's product is P = 364 2Q and the total cost function is TC = 0.5Q2 + 4Q +288. a. Determine the price at which profit is maximised. What is the maximum profit? b. If the government imposes a tax of $15 per unit on the monopolist, what is the new price such that profit is maximised? Does the monopolist pass on all the tax to consumers? c. (Optional) What are the price levels such that demand is elastic

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