Assume that a monopolist sells a product with the cost function C = F + 20Q, where C is total cost, F is a fixed cost, and Q is the level of output. The inverse demand function is P = 60 - Q, where P is the price in the market. (i) How much profit does the firm earn when it charges the price that maximizes profit ? (ii) At what price will the firm earn zero economic profits? (200 words) (15 Marks)