A monopoly's inverse demand function is as follows: P = 1450 - 58Q. Its total cost function is as follows: TC= 2500 + 50Q + 12Q^2. a. What is the profit maximizing output for this firm? b. What price will the firm charge? c. What will be the firm's total profit? d. What is the price elasticity of demand at the profit-maximizing output?

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Monopoly Market

When a company and its products dominate a sector or an industry, it is termed a monopoly. When a firm and its products control a market, then it is called a monopoly.