Please include step by step and accurate formulas
Consider the cost function
C(Q) = 1000 + 1.5Q2
for RussCo to produce its new Phone. Using that cost function for the Phone, determine the profit-maximizing output, price and profit (or loss) for the RussCo Phone, and discuss its long-run implications, under three alternative scenarios:
a. RussCo Phone is a perfect substitute with a similar product offered by Apple, Samsung and several other Phones that have similar cost functions and that currently sell for $800 each.
b. RussCo Phone has no substitutes and so is a monopolist, and the demand for the RussCo Phone is expected to forever be Q = 66 – (1/6)P – note you use the cost function (TC(Q) = 1000 + 1.5Q2) to determine the profit-maximizing output, price and profit (or loss). You must show your work If you use a spreadsheet, please use excel and submit the spreadsheet in Canvas.
c. RussCo Phone currently has no substitutes, and currently the demand for the RussCo Phone is Q = 88 – (1/5)P, but RussCo anticipates other firms can develop close substitutes in the future. – note you use the cost function (TC(Q) = 1000 + 1.5Q2) to determine the profit-maximizing output, price and profit (or loss).
PLEASE LOOK AT THE ACTUAL EQUATIONS AND COMPLETE. DO NOT COPY FROM ANOTHER PROBLEM. THANKS