Ajax Inc. is a monopolist. The estimated demand function for its product isQd =

Ajax Inc. is a monopolist. The estimated demand function for its product isQd = 120 0.8P + 12Y + 4AWhere Qd denotes quantity demanded P denotes price Y denotes personal income (in thousands of dollars) and A denotes advertising expenditures in hundreds of dollars.Ajaxs marginal cost function is given asMC = 21 + 4QAssume Y equals 3 and A equals 3 and fixed costs equal $1000a. What is the inverse demand function? (The equation demand equation in the form P = a b Qd)?b. What is the profit maximizing price and quantity of output for Ajax assuming it is an unregulated monopoly? What are its profits?c. If fixed costs increase to $1200 what will happen to equilibrium price and quantity?