Based on market research, a recording company obtains the following information about the demand and production costs of its new CD:
Price=1000-10Q
Total Revenue=1000Q-10Q^2
Marginal Revenue=1000-20Q
Marginal Cost=100+10Q
(P is the price in cents)
a.Find the price P and quantity Q that maximizes the company's profit
b.Find P and Q that would maximize social welfare
c.Calculate the deadweight loss from monopoly.