Define oligopoly & its features. Discuss the nature of kinked Demand Curve.

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Define oligopoly & its features. Discuss the nature of kinked
Demand Curve.

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A monopolist's demand function is P = 1624 - 4Q, and its total cost function is (5 marks) TC = 22,000 + 24Q -4Q2 + 1/3 Q3, where Q is output produced and sold. i. At what level of output and sales (Q) and price (P) will total profits be maximized? ii. At what level of output and sales (Q) and price (P) will total revenue be maximized? iii. At what price (P) should the monopolist shut down?