Assume you are managing the company, which produces a single product Q traded in two different regional markets. The production technology is specified via short-run cost function C(Q) = 10 - 33Q + 3Q², where Q - the quality of product manufactured be the company, C - short run cost of producing.

The regional markets are different in terms of competitive position of your firm. In the first region - perfectly competitive environment and firm sells its product at the price P₁ = 87. At the second region - the firm is in a monopolistic position and faces market demand curve P₂=201-1.5Q

Then please calculate:

1. The total supply Q of the product to both markets and its components Q1 and Q2
2. Profit gained by the company from production of the product.

Unexpectedly, due to government set new regulation, which doesnt allow to sell product on different prices. So the company has to decide at which price to sell product.

1. What will be your decision about pricing? Provide justification.