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Where p is the product price and q is the output level a

Given the following: P = 1000 - 10Q and TC= 10,125 + 100Q + 5Q²

where P is the product price and Q is the output level

A. Given we have a monopoly due to a patent, determine the profit maximizing output level, the monopoly price, and economic profits. Solve and show graphically.

B. Assuming we have lost our patent but that the cost curves are the same now that we are a firm in perfect competition in the long run, determine the profit maximizing output level for the FIRM in perfect competition, the price and economic profits. Solve and show graphically

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