answers for 1

1) A Monopolist producer of diamonds faces a demand curve for their product given by P = 150 - Q After accounting for all the costs of production, their total cost function is TC = 1,000 + 5Q2 which reveals a marginal cost function of MC=Q. a) At what level of output does this monopolist produce and what price do they charge for the diamonds? b) What is the total revenue, total cost, and therefore profit? c) In the space below draw a graph with the demand curve, MR curve, and MC curve. Put price on the Y-axis and Q on the X-axis. Label the producer surplus, consumer surplus, deadweight loss