Kalamazoo Competition-Free Concrete (KCC) is a local monopolist of ready-mix concrete.
Its annual inverse demand function is P= 65 - 2Q
Where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year.
Suppose that Kalamazoo's marginal cost is: MC = 0 + 1Q
a. What is its profit-maximizing sales quantity and price?
b. What is the value of MC at profit maximizing sales quantity
c. What is the elasticity of demand for this product?