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 A monopoly pizza producer has variable cost (VC) and fixed cost (FC) as VC = 3Q? FC = 12 and the market demand function is P = -3Q + 24

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 A monopoly pizza producer has variable cost (VC) and fixed cost (FC) as VC = 3Q? FC = 12 and the market demand function is P = -3Q + 24. How much will you produce to maximize your profit? (1) 1 (2) 2 (3) 3 4
16. (Continued from #14) What would be the price and the profit, respectively? (1) 12, 18 (2) 14, 16 (3) 16, 14 (4) 18, 12 17. (Continued from #14) What would be the quantity and the price if the market were perfectly competitive? (Hint: find the supply curve and its intersection with the demand curve.) (1) 3/8, 16 (2) 8/3, 16 (3) 3/8, 8 (4) 8/3, 8 18. Compare the results from the perfectly competitive market and the monopoly in the previous questions. We find that the monopoly provides (1) more goods at a higher price. (2) more goods at a lower price. (3) less goods at a higher price. (1) less goods at a lower price.