Question 2 4 points Save Answer Imagine that a perfectly competitive market was transformed into a pure monopoly. (What were formerly independent small firms are now production facilities owned by the monopolist.) The cost structure of the typical facility is given by Cf = 50 - 10Q, + Q2, and industry demand DL (inverse demand curve) is P = 50 - 0.1Q. Currently, the monopolist has 20 production facilities in place. Create a spreadsheet similar to the example shown and answer the S questions below. Typical facility Of Cf MC AC y 6 26 2 4.333333 DL Industry # of Plants Q P MR Profit 20 120 38 26 4040 ke D 1. In the short run, the monopolist can change output level Of but cannot vary the number of production facilities. What is the firm's maximum short-run profit? Answer (Round your answer to a whole number.): $ 2. In the long run, the monopolist can change output levels Of and the number of production facilities. What is the firm's maximum long-run profit? Answer (Round your answer to a whole number.): $ a to a other a will save this response