Problem: A Monopolist's Demand and Total Cost functions are:
P= 1624 - 4Q
TC= 22,000 + 24Q - 4Q(squared) + 1/3Q (to the third power)
Where Q is output produced and sold
a. At what level of output and sales (Q) and price (P) will Total Profits be maximized?
b. At What level of output and sales (Q) and price (P) will Total Revenue be maximized?
c. At what price (P) should the monopolist shut down?