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Hi, I would really appreciate if you could help me understand how to solve this problem step by step. Thank you in advance. 1- Suppose

Hi, I would really appreciate if you could help me understand how to solve this problem step by step. Thank you in advance.

1- Suppose that GNN produces treatment medicine for a rare blood disease that FDA awards them a patent. The market demand for medicine is

Q^d= 600 - 2P.The cost function is TC = 25,000 + 0.25Q²

a)What is the profit-maximizing price and quantity?

b)What is the amount of economic profit or loss?

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