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4. You are the manager of a monopoly, and your demand and cost functions are given by P = 300 - 3Q and C(Q) =

4. You are the manager of a monopoly, and your demand and cost functions are given by P = 300 - 3Q and C(Q) = 1,500 + 2Q2, respectively.

a. What price-quantity combination maximizes your firm's profits?

b. Calculate the maximum profits.

c. Is demand elastic, inelastic, or unit elastic at the profit-maximizing price-quantity combination?

d. What price-quantity combination maximizes revenue?

e. Calculate the maximum revenues?

f. Is demand elastic, inelastic, or unit elastic at the revenue-maximizing price-quantity combination?

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