Suppose that a monopolist is considering entering a new market. The market demand for the product is given by the following function: Q = 500 - 5P, where Q is the quantity of the product demanded and P is the price of the product. The cost function for the monopolist is given by the following function: C = 50 + 20Q.

1. What is the monopolist's profit-maximizing price and quantity?

2. What is the monopolist's total revenue at this price and quantity?

3. What is the monopolist's total cost at this price and quantity?

4. What is the monopolist's profit at this price and quantity?

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