What is the output at which total revenue is maximized?

Consider the following information about the Stark Industries a monopolist in Show more Problem 1 (5 points) Consider the following information about the Stark Industries a monopolist in the market ofiron men. Suppose the demand curve is QD = 30 P/4. Suppose further that the cost function isTC(Q) = Q2 + 3Q.(a) Determine the prot maximizing output price and corresponding prot. Plot the problem ona graph label all points.(b) Calculate the consumer surplus. Is the monopoly ecient? Explain. If it is inecient calculatethe dead-weight loss and show it on the graph from part (a).(c) What is the output corresponding to the perfectly competitive outcome (i.e. if the iron menindustry was not monopolized)? Explain. Label this point on the graph from part (a). What is the output at which total revenue is maximized? Label it on the graph and explain. Show less

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