QUESTION 4 You run a firm that produces novelty face masks Demand for your product can be described with the following equation Q(P) =24,219- 897P Your firm has fixed costs of $19,700. In addition, it costs you $7 per mask in variable costs. Based on this information, calculate the profit maximizing quantity for your good. QUESTION 5 Using the demand and cost functions in the previous question What is the profit maximizing price, P*, that you should charge? Hint: You can find P* by plugging Q" into the inverse demand function. QUESTION 6 Based on the demand and cost functions in the previous 2 questions, Calculate profits at the profit maximizing price and quantity. Hint: You can find this by plugging Q* into the profit function.QUESTION 4 You run a firm that produces novelty face masks Demand for your product can be described with the following equation Q(P) =24,219- 897P Your firm has fixed costs of $19,700. In addition, it costs you $7 per mask in variable costs. Based on this information, calculate the profit maximizing quantity for your good. QUESTION 5 Using the demand and cost functions in the previous question What is the profit maximizing price, P*, that you should charge? Hint: You can find P* by plugging Q" into the inverse demand function. QUESTION 6 Based on the demand and cost functions in the previous 2 questions, Calculate profits at the profit maximizing price and quantity. Hint: You can find this by plugging Q* into the profit function