A5. A monopolist faces an inverse market demand curve given by P = 400 - 5Q and has a total cost function given by C = 20Q. Find the profit maximizing values of price and quantity. Now assume the government levies a per unit tax of $20/unit. Find the new profit maximizing values of price and quantity and explain how the burden of the tax is shared.A4. Art produce tables. T, in his workshop using labour and capital according to the production function T = LlK. In the short run Art uses 16 units of capital equipment at a cost of $500 per unit. The next best use of Art's time is a job that pays him $40 per hour. Derive Art's short run production function, his demand for labour, and his short run total cost function