（Emergency)please,help to answer the (d)&(e),thanks 3. Philips Industries manufactures a certain product can be sold directly to retail outlets or to theSuperior Company for further processing and eventual sale as a completely different product.The demand function for each of these markets is:P1 =P2 =2Q1Q2Retail Outlets:60Superior Company:40where P, and Pzare the prices charged and Q, and Q2 are the quantities sold in therespective markets. Philips's total cost function for the manufacture of this product is:TC =10 + 8(Q1 + Q2)(a)Determine Philips's total profit function.(b)What are the profit-maximizing price and output levels for the product in the two markets?(c)At these level of output, calculate the marginal revenue in each market.(d)What are Phillips's total profits if the firm is effectively able to charge different prices inthe two markets?(e)Calculate the profit-maximizing level of price and output if Phillips is required to chargethe same price per unit in each market. What are Phillips's profits under this condition?

Profit=Total revenue (TR)-Total cost (TC)Where, Total revenue (TR)=Price (P)×Quantity(Q)52

3. Philips Industries manufactures a certain product can be sold directly to retail outlets or to the Superior Company for further processing and eventual sale as a completely different product. The demand function for each of these markets is: 2Q1 Q2 60 P = P2 = Retail Outlets: Superior Company: 40 where P, and P2are the prices charged and Q, and Q2 are the quantities sold in the respective markets. Philips's total cost function for the manufacture of this product is: TC 10 + 8(Q1 + Q2) %D (a) Determine Philips's total profit function. (b) What are the profit-maximizing price and output levels for the product in the two markets? (c) At these level of output, calculate the marginal revenue in each market. (d) What are Phillips's total profits if the firm is effectively able to charge different prices in the two markets? (e) Calculate the profit-maximizing level of price and output if Phillips is required to charge the same price per unit in each market. What are Phillips's profits under this condition?

3. Philips Industries manufactures a certain product can be sold directly to retail outlets or to the Superior Company for further processing and eventual sale as a completely different product. The demand function for each of these markets is: 2Q1 Q2 60 P = P2 = Retail Outlets: Superior Company: 40 where P, and P2are the prices charged and Q, and Q2 are the quantities sold in the respective markets. Philips's total cost function for the manufacture of this product is: TC 10 + 8(Q1 + Q2) %D (a) Determine Philips's total profit function. (b) What are the profit-maximizing price and output levels for the product in the two markets? (c) At these level of output, calculate the marginal revenue in each market. (d) What are Phillips's total profits if the firm is effectively able to charge different prices in the two markets? (e) Calculate the profit-maximizing level of price and output if Phillips is required to charge the same price per unit in each market. What are Phillips's profits under this condition?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter9: Monopoly

Section: Chapter Questions

Problem 31P: Return to Figure 9.2. Suppose P0 is 10 and P1 is 11. Suppose a new firm with the same LRAC curve as...

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