The company Jamison Haack, has a monopoly on the distribution of diamonds. Research has shown that the demand for diamonds is P = 1250 - 5*Q, where P represents the price per pound and Q represents thousands of pounds. Jamison Haack's costs can be represented by

C = 2000 + 50*Q + 5Q²; MC is 50 + 10Q.

1) Calculate Jamison Haack's price, output, and profits. SHOW WORK AND EXPLAIN THOROUGHLY.

2) If diamond distribution industry was perfectly competitive, then what would the price, output, and profits be? SHOW WORK AND EXPLAIN THOROUGHLY