You are the manager of a monopoly, and your analysts have estimated your demand and cost functions as P = 600 - 3Q and C(Q) = 3,000 + 3Q2, respectively.

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

Price ___________

Quantity________

1. Calculate the maximum profits. __________

1. Is demand elastic, inelastic, or unit elastic at the profit-quantity combination?___________

1. What price-quantity combination maximizes revenue?

Price _________

Quantity_______

1. Calculate the maximum revenues. ____________