You are the manager of a firm with demand and cost functions given by P = 1200 5Q and C(Q) = 1,500 + 10Q² , respectively.

a. What price-quantity combination maximizes your firm's profits?

b. Is demand elastic, inelastic, or unit elastic at the profit-maximizing price-quantity combination?

c. What price-quantity combination maximizes revenue?

d. Is demand elastic, inelastic, or unit elastic at the revenue-maximizing price-quantity combination?

e. What do you anticipate to happen in the long run with respect to your profits if

i. Your firm is a monopoly?

ii. your firm is in a monopolistic competitive market