Economics Homework Help

Let the monopolist face a demand curveP = 240 – 2QRevenueAssume that the total cost of producing Q 20 unitsof output is given by :C ( Q ) = (3) Q2 + 30Q.CostQuestion 1 : What is the monopolists profit maximizingoutput level ? What price / unit will thismonopolist charge?Question 2: Draw a clearly labelled graph showing themonopolists optimal, profit maximizing outputlevel and price as found in question 1 .[ The following must be in the graph: Marginal Revenue,Demand curve, marginal cost].Question 3 : Does your answer to question I and 2 changeif the cost that the monopolist faces isSoNewC ( Q) = ( 3 ) Q +30 4+ 150ChangesIf so , then redo both questions with the newcost, C . If not, then explain whyquestionsthe new cost structure keeps your analysis in (1)8 ( 2 )valid.