can anyone help?
A monopoly firm has a total revenue function:
and a total cost function:R = 24Q – 2Q2
where R, C and Q are total revenue, total cost and quantity respectively.C = Q2 + 5
i. The monopolist’s profit maximising output and price.
ii. The value of total profit at the profit maximising price and output.
iii. The co-efficient of price elasticity at the profit maximising price and output.
iv. How will your calculations in i. and ii. above be affected by a lump sum tax of 30?