Consider a monopolist whose price is expressed by the equation

P = 200 - 20Q

The Total Cost (TC) is expressed by the equation

TC = 145 + 30Q

a)Find the Total Revenue (TR) Equation (3 Marks)

b)Consider that this monopolist can produce quantities of a good from 0 to 8 units (i.e. 0,1,2,3,4,5,6,7,8)

Over this range,

i.Calculate the prices at every level of production ( 4 Marks)

ii.Calculate the Total Revenue (TR) at every level of production (4 Marks)

iii.Calculate the Total Cost (TC) at every level of production (4 Marks)

iv.Calculate the Total Profit at every level of production and state the quantities that maximises profit (5 Marks)

Total 20