What are total profits at this price and output level?

The industry demand function for bulk plastics is represented by the following equation: Show more The industry demand function for bulk plastics is represented by the following equation: P=800-20Q Where Q represents millions of pounds of plastic. The total cost function for the industry exclusive of a required return on invested capital is TC=300 + 500Q+10Q 2 Where Q represents millions of pounds of plastic. a. a. a_ if this industry acts like a monopolist in determination of price and out-put compute the profit-maximizing level of price and output. b. -B- What are total profits at this price and output level? c. -c- Assume that this industry is composed of many (500) small firms such that the demand function facing any individual firms is P=$620 Compute the profit-maximizing level of price and output under these conditions (industrys total cost function remains unchanged). d. -d- What are total profits given your answer to part (c)? Show less

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