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Q. Dr. Leona Williams, a well-known plastic surgeon, has a reputation for being one of the best surgeons for reconstructive surgery of nose. Dr. Williams enjoys a rather substantial degree of market power in this marketplace. She estimated demand for her work to be Q=480-0.2P, where Q is the number of nose operations performed monthly also P is the price of a nose operation.

a. Illustrate what is the inverse demand function for Dr William services?

b. Illustrate what is the marginal revenue function?

The average variable cost function for reconstructive nose surgery is estimated to be

AVC=2Q (squared) - 15Q + 400, where AVC is average variable cost (measured in dollars) also Q is the number of operations per month. The doctor's fixed costs each month at $8,000.

c. If the doctor wishes to maximize her profit, elucidate how many nose operations she should perform each month.

d. Illustrate what price should she charge to perform a nose operation?

e. Elucidate how much profit does she earn each month?

Reference no: EM1314966

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