Based on market research, a film production company in Ectenia obtains the following information about the demand and production costs of its new DVD: Demand: P 1,000-10QTotal Revenue TR-1,000Q-10Q2Marginal Revenue: MR 1,000-20Q Marginal Cost MC-100 - 10Q where Q indicates the number of copies sold and P is the price in Ectenian dollars.a. Find the price and quantity that maximize the company's profit.
b. Find the price and quantity that would maximize social welfare.
c. Calculate the deadweight loss from monopoly.