Suppose that the Big Toy company is the sole producer of a new trendy toy. Demand for this new toy is given by q=31-0.5p, where q is the number of units of the toy that consumers are willing to buy at price p. The total cost for the Big Toy company of producing q units of the new toy is0.9q²+196.

1.How many units of the new toy will the Big Toy company produce? (Use up to two decimal points in all of your answers below.)

2.At what price will the Big Toy company sell the toy?

3.How much profit does the Big Toy company make?

4.If this were a competitive market, how many units of the toy would be sold?

5.If this were a competitive market, what would be the price of the toy?