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A monopolist selling handmade crafts is facing a weekly demand curve of: P = 40 - 0.5Q and the total cost incurred by the firm

A monopolist selling handmade crafts is facing a weekly demand curve of: P = 40 - 0.5Q and the total cost incurred by the firm is given as: TC =1,500 +5Q - Q2 +0.01Q3 where Price is in RM and quantity is in units. i. Find the equilibrium price and quantity [4Marks) ii. Calculate the profit earned by the firm. [3 Marks] iii. Is the firm earning short-run profit? Explain [2 Marks]

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