A monopolist's demand function is given by
P = 80 - 3Q
(with MR = 80 - 6Q).
Its total cost function is
TC = 20Q + 200
(with MC = 20).
Using algebra determine the profit maximizing output, price and optimal profit for the firm.
(ii) Suppose that instead of maximizing profit, the firm wants to maximize total revenue. Using algebra determine the optimal output, price, profit and revenue for the firm.