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…

Answered: • the optimal output (the number of…

Business

Economics

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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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