Frank, an owner of an energy drink is trying to come up with an optimal price for his product. The weekly demand for the firms energy drink was estimated to be:

Qd = 2,000 -1,000 P

Where Qd is the quantity of 12-ounce plastic bottles (in thousands)

P is the price per container

Based on estimates provided by the bottling plant, Frank expressed the cost function as follows:

TC = 150 + 0.25 Q

Where TC is the total costs per week (in thousands of dollars)

Q is the output of 12-ounce plastic bottles

1. Find the optimal price Frank should charge if he wants to maximize profit.
2. How much is Franks maximum profit.
3. If Frank wants to maximize revenues, calculate the new price and output. (Remember to max revenue, MR =0)