Problem
1. A monopoly faces the total revenue schedule TR = 300q - 2q2 and the total cost schedule TC = 12q3 - 44q2 + 60q + 30. Are there two output levels at which MC = MR? Which is the profit-maximizing output?
2. If a firm faces the demand schedule p = 120 - 3q and the total cost schedule TC = 120 + 36q + 1.2q2 what output levels, if any, will (a) maximize profit, and (b) minimize profit?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.