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5. You are a monopoly wine maker who faces demand and total cost functions given below P = 2000-0.25 TC = 600+2Q1.75 a. What

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5. You are a monopoly wine maker who faces demand and total cost functions given below P = 2000-0.25 TC = 600+2Q1.75 a. What are your functions for marginal revenue, marginal cost, and average total cost? b. How many bottles of wine will you make and what price will you charge? c. Given your price and output found in part b, what is the Lerner Index for your firm? d. At your current level of production, what is the price elasticity of demand? e. Calculate your firm's profits.

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