What are the firm maximum profits

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Suppose the inverse demand function and cost function for a monopolist's product are given by:

P=5-Q and C(Q)=3Q

a) if the firm wishes to maximize total revenue, how much output should it produce?

b)if the firm wishes to maximize total revenue, what price should it charge?

c) at the revenue maximizing level of output and price, what is the elasticity of demand for the firm's product?

d) if the firm wishes to maximize profits, how much output should it produce?

e) if the firm wishes to maximize profits, what price should it charge?

f) what are the firm's maximum profits?

Reference no: EM13498513

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