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4. The inverse market demand for a good is p = 70 0.50. This is a monopolistic market and the monopolist (total) cost function is C = 100 + 0.102. a. Find the monopolist's prot-maximizing output, price, and profit. (6) b. The government now imposes a per unit tax t = $6. Find the monopolist's new profit-maximizing output, price, and profit and determine the burden of the tax. Hint: You have a choice: either increase monopolist's MC by the taxt = 6 or write demand in terms of p5 to get revenues in terms of p5 to get MR in terms of ps. (8) c. The government decides to repeal the per unit tax in favour of a fixed license fee F (fixed because it is independent of the monopolist's level of output). They set the value of the fixed fee F to raise the same amount of tax revenues as raised with the per unit tax in part b). (8) i. What is the amount of the license fee F in this case? ii. Determine whether the monopolist is better off (in terms of profit) with the equivalent license fee instead of the per unit tax