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1. The point of this problem is to illustrate the difference between economic and accounting profits. Suppose the quantity demanded in for microchips is Q=A where P is the price of microchips and A is the size of the market. There is one supplier of microchips (a monopolist) with a cost function C(q) = 0 (a) 2 pts The monopolist chooses the price and quantity to maximize profit. max II = PQ - Q Q.P This is called an "objective function". Note that the monopolist can't choose any price and quantity it wants. Rather, it has to choose the price and quantity to be on the demand curve. Invert the demand curve to get P as a function of Q. Then substitute the demand curve into the firm's objective function to eliminate P as a choice variable. (b) Take the first-order derivative and solve for the optimal choice of Q. Label this