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Suppose that the market for Wedding Cake has a linear demand curve of the form Q = 2,500 - 10P The total costs of the

Suppose that the market for Wedding Cake has a linear demand curve of the form Q = 2,500 - 10P The total costs of the Wedding Cake producer are given by TC = 0.01Q2 + 5,000 ion Assuming the market for Wedding Cake is a Monopoly Find the following a) The profit maximizing quantity and price. (5 marks) b) The firm's profit. (2 marks) c) Explain 2 barriers that allowed this market be a monopoly. (3 marks) Files

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