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A drug company has a monopoly on a new patented medicine. The product can be made in either of two plants. The marginal costs of production for the two plants are
MC 1 equals 30 plus 2 Upper Q 1
MC1=30+2Q1
and
MC 2 equals 10 plus 4 Upper Q 2
MC2=10+4Q2.
The? firm's estimate of demand for the product is
Upper P equals 30 minus 3 left parenthesis Upper Q 1 plus Upper Q 2 right parenthesis
P=30-3Q1+Q2.
How much should the firm plan to produce in each? plant? At what price should it plan to sell the? product? ?(Round your responses to two decimal? places.)
The firm should produce units in plant 1 andin plant 2. To maximize? profits, it should charge a price of$ ?per unit.
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