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A manufacturer of mid-range quality smartphones has monopoly power. The manufacturer's demand function is p(Q) = 1,000 - 4Q, where p is the price of
A manufacturer of "mid-range" quality smartphones has monopoly power. The manufacturer's demand function is p(Q) = 1,000 - 4Q, where p is the price of the smartphone, and Q is the quantity (thousands) of smartphones demanded by consumers. The manufacturer's total cost function is C(Q) = 400Q, where Q is the quantity of smartphones produced by the manufacturer. Find the manufacturer's profit-maximizing quantity, price, and profits.
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