.. Consider the following demand and cost information for a monopoly. Find profit-maximizing price and quantity. Finally, find the maximal profit. (You'll need to find the firm's TR, MR, and MC for each level of quantity.) Quantity 0 1 2 3 4 Price $30 $25 $20 $15 $10 Total Cost $3 $7 $12 $18 $25 Your chief economist estimates the log-log demand curve Q=23-0.7*In(P) +0.5*In(A), where P is the price of your product and A is the dollar amount spent on advertising. You recall your economics class from Winthrop and how coefficients of a log-log regression represent elasticities: 0.7 is the price elasticity of demand (PED), and 0.5 is the advertising elasticity of demand (AED). If your firm's total revenue is $100,000, using all this information, find how much money you should set aside for advertising purposes for your product. What percentage of your total revenues is that amount? s/Q 212 136 120 110 104 96 60 700 810 884 MR MC ATC 976 1,000 Q/t Observe the graphical representation of the monopoly firm above. Please find this firm's TR. TC and profit at the firm's optimal output level.