You are the manager of a firm with demand and cost functions given by

P = 1200 5Q and C(Q) = 1, 500 + 10Q2, respectively.

-What price-quantity combination maximizes your firm's profits? (2')

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

-What price-quantity combination maximizes revenue?

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

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

i. Your firm is a monopoly? (1') ii. your firm is in a monopolistic competitive market?