Irish Is On The Venice Strip In Los Angeles Selling Necklaces

/in /by

TC = 50 + 1.5Q^2 MR = 32 – 2Q MC = 3Q

a. Using the information, tell me what Irish’s profits in the short run should be if he is a profit-maximizing person.

b. Suppose that Irish makes a discovery in the Canyons near Malibu of a hidden cave, which houses magical necklace beads. Further, assume he lays claim to this unique resource. Lastly, because of an inheritance, he can now grossly out-advertise all of his competitors on the Venice strip while simultaneously building a necklace stand made of gold. Calculate Irish’s new profits and explain why he is likely to enjoy excess profits going forward.

 
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