Find the firm”s profit-maximizing level of output and price

Find the firm”s profit-maximizing level of output and price

Microeconomics
The market demand function for product of a monopolist with the total cost function

TC(Q) = 2Q3-10Q2+ 30Q + 100 is given by

P = 65000 – 8jQ

(a) Find the firm’s profit-maximizing level of output and price.

(b) Assume the economy experiences a severe recession and the demand for the monopolist’s product declines to the level that the firm can only earn a normal profit. Determine the normal profit price and quantity and the equation of the dislocated demand function.

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