A monopolist produces a single good X but sells it in two separate markets. The dema function for each market is P, = 50 – 4Q1 and P2 = 80 – 3Q2 where P, and Q1, P2 and Q2, are the price and quantity...

Question d, e and f

Extracted text: A monopolist produces a single good X but sells it in two separate markets. The dema function for each market is P, = 50 – 4Q1 and P2 = 80 – 3Q2 where P, and Q1, P2 and Q2, are the price and quantity in market 1 and 2, respective The cost function is TC = 120 + 8Q1 + 8Q2. (a) Find the total revenue for the firm in terms of Q1 and Q2- (b) Find the profit function in terms of Q, and Q2. (c) Write down the first and second order partial derivatives, using the function in (b) (d) Solve the system of equations дл = 0 and = 0 aQ2 "de (e) Show that the point (Q1.Qz) is a maximum. (f) Find the maximum profit.