ABC, Inc. produces a special stem cell safety container in a monopolistically competitive market. The market is restrict

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ABC, Inc. produces a special stem cell safety container in a
monopolistically competitive market. The market is restricted to
stem cell researchers and a few large medical agencies (e.g.,
Department of Health). The company has profitably exploited its
market niche. However, the XYZ Company could enter into the market.
The following market demand and cost information has been
developed:
P = $3000-$0.25Q,
MR = ∂TR/∂Q = $350 - $4.4Q,
TC = $1950 + $7.5Q2 + $6.5Q
MC = ∂TC/∂Q = $14 + $4Q,
where P is price, Q is units measured by the number of
containers, MR is marginal revenue, TC is total costs including a
normal rate of return, MC is marginal cost, and all figures are in
dollars.
Assume that demand and cost data are descriptive of ABC’s
historical experience. If ABC wants to maximize their profit before
XYZ enters the market, what would the following amounts be for:
a. Price: P = $Answer
b. Output (or Quantity):
Q = Answer units
c. Total Cost: TC =
$Answer
d. Economic Profits Earned:
Π = $Answer
e. Marginal Cost (MC)
and Marginal Revenue (MR) =
$Answer