Economics

1. Fancy Frames faces the daily demand curve: P(Q) = $80 - .1Q for its Liam glasses frame (all else constant).

1. (What price and quantity maximize total revenue for the Liam frame? Show your work and/or include a graph.
2. ( Would the price and quantity from part a) put the Liam in the elastic, unit elastic, or inelastic part of its demand curve? Explain.
3. Would total profit be maximized at the price and quantity from part a)? Explain.