Suppose you manage a rural electric (utility) firm in Georgia, USA, and thefirm is the only supplier of

electricity in the county. Assume that the market demand function for electricity in thecounty is

Q = 675 - 500P and the costs of electricity produced by theelectric firm is C(Q) = 120 + 0.13Q, where Q is quantity demanded or produced (output) and P is unit price. What is the condition for short-run profit maximization by a monopolist and, with theprofit maximization condition, what are thesteps and what are the short-run profit maximizing output and price of electricity by theelectric firm?