Suppose a China discovers oil and is the monopoly and controls all10 billion barrels of oil. Assume marginal extraction cost = 0. The firmfaces (inverse) demand: P = 80 8Q. The discount rate is 10%, and the firm must choose how much oil to extract today and one year from now. Determine how much the monopolist will sell in each period. Compare the outcome to that of a competitive industry, and demonstrate that the monopoly allocation is inefficient.