A monopoly firm has the following demand curve: Q = 2,000 – 25P where Q is its monthly output. Assuming its monthly short-run total cost is described by the function STC = 500 + 8Q + 0.035Q2 Answer the following questions: What will be its profit-maximising price and output? How much profit will it have at the preceding output?

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A: Note: Since you've asked multiple question, we will solve the first question for you. If you want…