6. (10 points) Monopoly pricing and output decision

(1)Suppose the consulting firm estimates a demand curve for a pant to be: Log Q = 0.41 + 2.3 Log Y - 3 Log P

where Q is quantity, P is price, and Y is a measure on national income. If the marginal cost of producing a pant is 9, what will be its optimal monopoly price?

(2)Suppose a monopolist sweater company has the demand function: P = 62 - 3Q. The variable cost per unit is 2 and the fixed cost is 10. What is its profit maximizing quantity?