Mighty Cleaners, Inc, is a monopolist in thespecialised cleaning industry. Its cost is C =220 - 4Q + Q2 and demand is P = 180 -3Q, where Q is the number of hours ofcleaning they provide and P is the price perhour of cleaning they charge. Find theoptimal price P and output Q. What would beits profit?Please round your final answers to two decimalplaces, if necessary. For example, type in 12.5for quantity, 2.34 for price and 300.78 forprofit.• the optimal output (the number of hoursof cleaning) is 45hours.• the optimal price is $ 45• the profit is 0

A monopoly is defined as the market structure where there is a single seller selling identical or…

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• the optimal output (the number of hours of cleaning) is 45 hours. • the optimal price is $ 45 • the profit is0

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

Mighty Cleaners, Inc, is a monopolist in the
specialised cleaning industry. Its cost is C =
220 - 4Q + Q2 and demand is P = 180 -
3Q, where Q is the number of hours of
cleaning they provide and P is the price per
hour of cleaning they charge. Find the
optimal price P and output Q. What would be
its profit?
Please round your final answers to two decimal
places, if necessary. For example, type in 12.5
for quantity, 2.34 for price and 300.78 for
profit.
• the optimal output (the number of hours
of cleaning) is 45
hours.
• the optimal price is $ 45
• the profit is 0

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