3. You are the manager of a firm with total cost given by TC = 5,000 + 100q, where q denotes the number of units produced. The market price is determined by P = 700 - 2Q, where Q is market production.

a. If you are a monopolist in this market, what is the maximum profit for your firm?

b. If there are two identical firms serving the market, what is the profit for each firm if each one is using its best response function?