Microeconomics: Monopolies

1. The Wales Corporation has a patent on Rylogec, an industrial chemical used in wood treatment. A consultant for the company estimates that the demand curve for the chemical is P=38-4Q and the total costs are TC=100-18Q+3Q2: a. At what output level is total costs at a minimum? i. At what price and output level does the Wales Corporation maximize profits? ii. What are profits at this level? iii. Could the Wales Corp. be in long-run equilibrium at this output level