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The industry demand function for bulk plastics is represented by the following equation: – 20Q where Q represents millions of pounds of plastic. The total cost function for the industry, exclusive of a required return on invested capital, is + 500Q + 10Q2 where Q represents millions of pounds of plastic. If this industry acts like a monopolist in the determination of price and out-put, compute the profit-maximizing level of price and output. Assume that this industry is composed of many (500) small firms, such that the demand function facing any individual firm is P = $620 Compute the profit-maximizing level of price and output under these conditions (the industry’s total cost function remains uncharged).

The industry demand function for bulk plastics is represented by the following equation:

– 20Q  where Q represents millions of pounds of plastic.

The total cost function for the industry, exclusive of a required return on invested capital, is  + 500Q + 10Q2 where Q represents millions of pounds of plastic.

If this industry acts like a monopolist in the determination of price and out-put, compute the profit-maximizing level of price and output. Assume that this industry is composed of many (500) small firms, such that the demand function facing any individual firm is  P = $620

Compute the profit-maximizing level of price and output under these conditions (the industry’s total cost function remains uncharged).

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