The daily market demand for boxes of paper clips in the United States is QD = 10 - 2P. The daily market supply for boxes of paper clips is QS = 5 + 3P, where P is the price of a box of paper clips and QD and QS are thousands of boxes of paper clips. There are many producers and buyers of paper clips.

Adam Smith Pins produces and sells boxes of paper clips. Adam Smith Pins marginal cost for producing a box of paper clips is MC = 0.002q, and its average variable cost for producing boxes of paper clips is AVC = 0.001q, where q is the actual number (not thousands) of boxes of paper clips Adam Smith Pins produces. Adam Smith Pins daily fixed cost for producing boxes of paper clips is $200.

Adam Smith Pins is purchased by Hunter Biden. He convinces President Biden to give Adam Smith Pins the monopoly on making paper clips in the United States and to prohibit the import of any foreign paper clips.

i. What is the new market price and how many boxes of paper clips are now sold in and purchased by the U.S. market each day? (Note: In calculating market price, now that Adam Smith Pins is the only supplier to the market, both Adam Smith Pins quantity produced and the quantity demanded by the market are in thousands of boxes. For example, if your answer for Q = 8, use 8 in calculating the market price. However, in calculating Adam Smith Pins' cost and profits, you will use q = 8,000.) (4 points)

ii. How much profit does Hunter Biden's Adam Smith Pins make per day? (3 points)