A monopolist has total cost function of TC= Q2 + 40 Q + 8000, and demand function of P= 500- Q

a. What is price and optimal output level that gives this firm maximum total revenue and maximum total profit? Calculate maximum total revenue and maximum total profit of the firm?

b. What is Lener indicator (L) to measure market structure ? What is dead weight loss (DWL) created by this monopolist?

c. Identify consumer surplus (CS), Producer surplus (PS) at the optimal output level?

d. What is price level to maximizes quantity without loss?

e. Draw a graph to show the above results