Suppose IsleSky is the sole provider of the flight services between a small island and Australia. In this monopoly market, IsleSky is facing a market demand for her services of Q = 24,000 - 4P. IsleSky also operates with a total cost function of C = 500,000 + 2,000Q + 0.25Q 2 .

i) From the demand function, find P in terms of Q.

ii) Find the total revenue and the marginal revenue of IsleSky in terms of Q.

iii) Find the profit-maximizing output level, price and the profit of IsleSky.

Show the calculation.