Suppose that market inverse demand is given by P = 120 - 2Q. The technology used to produce the good in this market requires using 1 unit of labor (at a wage of $10) and 1 unit of capital (at a rental rate of $30) per unit of output.

Suppose that this monopolist has a patent which protects it from competition in this industry. Find the profit maximizing price and output level, and calculate the maximum profit the firm can earn.

Price: $________

Quantity: ________

Profit: $________