A monopolist's inverse demand function is estimated asP = 500 2Q. The company produces output at two facilities; the marginal cost of producing at facility 1 is MC₁(Q₁) = 3Q₁, and the marginal cost of producing at facility 2 is MC₂(Q₂) = 4Q₂.

a. Provide the equation for the monopolist's marginal revenue function. (Hint: Recall that Q₁ + Q₂ = Q.)

MR(Q) = Q₁ Q₂

b. Determine the profit-maximizing level of output for each facility.

Instructions: Round your response to two decimal places.

Output for facility 1:

Output for facility 2:

c. Determine the profit-maximizing price.

Instructions: Round your response to the nearest penny (two decimal places).

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