I HOPE SIR CAN HELP ME TO COMPLETE IN 45 MINUTES TIME

a.A monopolist selling handmade crafts is facinga weekly demand curve of:

P = 40 - 0.5Q

and the total cost incurred by the firm is given as:

TC =1,500 +5Q - Q² +0.01Q³

where Price is in RM and quantity is in units.

i.Find the equilibrium price and quantity [4 Marks]

ii.Calculate the profit earned by the firm.[3 Marks]

iii. Is the firm earning short-run profit? Explain [2 Marks]