E Question 1 8 pts Let a representative monopolist have the following total cost and inverse market demand functions: TC(Q) = 30 + 20g 2oz + %Q3 P(Q) = 120 2Q What is the value of output that maximizes this monopolist's profit function? Call it Q'k O Q* = 10 O Q* = 100 O Q* = 4.5 O Q* = 1,000 |: Question 2 8 ptS Question 2 8 pts Let a representative monopolist have the following total cost and inverse market demand functions: TC(Q) = 30 + 20g 2Q2 + %Q3 P(Q) = 120 29 What is the price that corresponds to the profit-maximizing level of output? Call this P* O P" = 100 O P" = 1,000 O P" = 80 O P* = 55 Question 3 4 pts In one sentence, what does the following mean? inn ATC(Q) subject to Q 2 O {3 Find the minimum of the function ATC(Q) by choosing a level of output greater than or equal to zero. 0 Find the maximum of the function ATC (Q) by choosing a level of output greater than or equal to zero. {3 Find the minimum of Q by letting ATC(Q) = O 0 Find all stationary points of the function ATC (Q)