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There is a single price (profit maximizing) monopoly in a given industry selling a perfectly divisible good The

Question

There is a single price (profit maximizing) monopoly in a given industry, selling a perfectly divisible good. The

market demand is P = β-Q, where β>0 is the maximum willingness to pay, P represents the price and Q represents the quantity. The total cost function is C(Q) = γQ, where 0≤γ≤β. What is the monopoly’s profit? What is the monopoly-optimal price (i.e., the price that maximizes the monopoly profit)?

All numerical answers must be fractions. Do not use decimals.

Please help to solve this problem, thank you!

Math

There is a single price (profit maximizing) monopoly in a given industry selling a perfectly divisible good The