Problem 1 Suppose the inverse demand for a monopolist's product is given by P = 70-1/2Q and the cost function is given by: C(Q) = 1.5Q

1. Draw the market demand curve. 2. Calculate the marginal revenue of the monopolist and draw the marginal revenue curve. 3. Calculate the marginal cost function and draw the marginal curve. 4. Determine the profit-maximizing price and quantity and the maximum profits.

Suppose the inverse demand for a monopolist's product is given by P=7021Q and the cost function is given by: C(Q)=1.5Q2 1. Draw the market demand curve. 2. Calculate the marginal revenue of the monopolist and draw the marginal revenue curve. 3. Calculate the marginal cost function and draw the marginal curve. 4. Determine the profit-maximizing price and quantity and the maximum profits