ou are the manager of a monopoly, and your analysts have estimated your demand and cost functions as P = 200 − 2Q and C(Q) = 1,000 + 3Q2, respectively. a. What price–quantity combination maximizes your firm’s profits?   Instructions: Round your response to the nearest penny (two decimal places).   Price: $ Quantity: units   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?     multiple choice 1 Elastic Unit elastic 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?     multiple choice 2 Elastic Unit elastic Inelastic

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