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Suppose a monopoly faces the following demand function: Q = 1 0 0 , 0 0 0 - 5 0 0 P . And the

Suppose a monopoly faces the following demand function:

Q = 100, 000 - 500 P .

And the monopoly has the following cost function:

T C (Q) = 450, 000 + 20 Q .

What is the monopolist's profit

-

maximizing quantity? How much will they sell their product for? Round your quantities to the nearest whole number and your prices to the nearest cent.

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