You are the manager of a monopoly, and your analysts have estimated your demand and cost functions as P = 300 ? 2Q and C(Q) = 1,500 2Q2, respectively. a. What price-quantity combination maximizes your firm's profits?

3 Problem 08-04 (algo) 14.28 You are the manager of a monopoly, and your analysts have estimated your demand and cost functions as P= 300 - 2Q and C(Q) = points 1,500 + 2Q-, respectively. a. What price-quantity combination maximizes your firm's profits? Instructions: Round your response to the nearest penny (two decimal places). Book Price: $ Quantity: units References b. Calculate the maximum profits. Instructions: Round your response to the nearest penny (two decimal places). $ c. Is demand elastic, inelastic, or unit elastic at the profit-maximizing price-quantity combination? O Unit elastic O Elastic O Inelastic d. What price-quantity combination maximizes revenue? Instructions: Round your response to the nearest penny (two decimal places). Price: $ Quantity: units e. Calculate the maximum revenues. Instructions: Round your response to the nearest penny (two decimal places). $ f. Is demand elastic, inelastic, or unit elastic at the revenue-maximizing price-quantity combination? O Unit elastic O Inelastic O Elastic