Consider a demand function x = 100 - p where x is output and p is price. A monopolist has cost
C(x) = (1/3) x^3 - 7 x^2 +111x +50
Find the profit maximizing output (and price) such that x 0.
Check to see if you have a local max or min and also check the boundary conditions.(hint: Max(x)=TR -TC)