You are the sole producer of a novel polymer that has the potential to transform a number of other industries: synthetic clothing, medical devices, and sports equipment, for example. You have a patent on the chemical structure for this polymer for 9 more years. From the entirety of industries that will use your product this year, you face a demand curve given by = 460 10. (Units are in thousands of tons produced.) Your marginal cost curve is given by = 5 + 15.

A. Identify the quantity at which you'll want to produce, , to maximize profit B. Identify the price that you could set to maximize profit C. What is your markup? D. How much additional profit are you experiencing due to your market power? E. Your patent expires and several other firms enter the market for production of the polymer you created. You estimate that the demand curve you will now face from residual demand is = 285 - 10Q. i. Now that you are operating in an oligopolistic market, do you plan to set the quantity you produce or price of your polymer? Why? ii. What is the new you'd produce? iii. What will be the new in the market, assuming the aggregate D curve did not change? iv. What is your markup now that you are participating as an oligopolist? v. How much additional profit are you experiencing from market power now?