1. I have discovered a way of generating electricity by capturing the energy expended by students to avoid reading economics textbooks. I call the invention Transference of Unused Reading Kinetics into Electricity Efficiently, or TURKEE for short. My analysis has determined that there is a market for TURKEE, especially around the end of November in the U.S. Suppose the market demand for TURKEE has been estimated to be Q - 5000 - 40P and my Total Costs have been estimated as: TC = 0.1Q2 + 5000 a. What would the price and profit maximizing level of TURKEE be if there were many other firms producing items exactly like TURKEE (a perfectly competitive market)? b. If I kept all those pesky competitors out of the market by obtaining a TURKEE patent, I would be the only place in town to get TURKEE. How much TURKEE would I produce, and what price would I charge? c. For the monopoly; estimate (provide a value for each) and show two different ways of calculating the price elasticity of demand (one using the normal approach using the derivative, and the other using only the price and marginal revenue)