Suppose the pharmaceutical company Telgene has monopoly in a specific drug market due to 40 years of patent protection on its product to cover the cost of innovation

Suppose the pharmaceutical company Telgene has monopoly in a specific drug market due to 40 years of patent protection on its product to cover the cost of innovation. The company faces the following inverse demand curve: P= 150 - 3 Q, where Q is the number of treatments in thousands and P is the price of a treatment in dollars. Assume that the marginal cost of the treatment is constant at $30. a. Solve for the firm's profit-maximizing output and price when the firm act like a true monopolist and sells all units of good at the same price. Denote them as the monopoly price and quantity (PM, QM). (4 pts) b. Solve for the firm's profit-maximizing output and price if the monopolist behaved like a perfectly competitive firm. Denote them as the competitive price and quantity (PaQ2).