A U.S. export-import shipping company operates a general cargo carrier service between New York and several western European ports. It hauls two major categories of freight: manufactured items (Q1Q1) and semimanufactured raw materials (Q2Q2). The demand functions for these two classes of goods are:

P1=200Q1P1=200Q1

P2=80Q2P2=80Q2

where QiQi= tons of freight moved. The total cost function for the United States is

TC=20+4(Q1+Q2)TC=20+4(Q1+Q2)

What is the firm's total profit function?

196Q1Q12+76Q2Q22196Q1Q12+76Q2Q22

196Q1Q12+76Q2Q2220196Q1Q12+76Q2Q2220

200Q1Q12+80Q2Q2220200Q1Q12+80Q2Q2220

199Q1Q12+60Q2Q2220199Q1Q12+60Q2Q2220

The profit-maximizing levels of price and output for manufactured items are___________ per ton and ________________tons, respectively.

The profit-maximizing levels of price and output for semi manufactured raw materials are _______per ton and ______tons, respectively.

At these levels of output the marginal revenue in the manufactured items market is ____ and the marginal revenue in the semi manufactured raw materials market is ____.

At these prices, the price elasticity of demand in the manufactured items market is ____ and the the price elasticity of demand in the semi manufactured raw materials market is ____ . (Hint: ED=PMRPED=PMRP)

What are the total profits if the company is effectively able to charge different prices in the two markets? ______.

If the company is required by law to charge the same per-ton rate to all users, the new profit-maximizing level of price and output are _____ per ton and ______ tons respectively. The total profits in this situation is _______.