Suppose the demand model and the cost function facing a firm is expressed as

P= 170-5Q and

TC= 40+ 50Q + 5Q²

1. Calculate

i.the profit maximizing equilibrium level of output that the monopolist will produce

ii.the price that the monopolist would charge

iii.and the profit of the monopolist

2. Repeat the above calculations if the firm were to be in perfectly competitive market

3. Compare the results in 1 and 2 above, and give reasons for this