4. A single firm monopolizes the entire market for medicine XYZ. The firm faces a market demand curvegiven by: QD = 40,000 - 40P. Total and marginal cost functions of the monopolist are given by:1,100,000TC(Q) = ²/Q² - 500 Q +603and MC(Q) == Q30-50033a. Derive monopolist's marginal revenue function.b. Calculate monopolist's profit-maximizing output level.c. What price does the monopolist set to maximize its profit?Calculate the profit of the monopolist.d.

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A single firm monopolizes the entire market for medicine XYZ. The firm faces a market demand curve given by: Q = 40,000 - 40P. Total and marginal cost functions of the monopolist are given by: 1,100,000 TC(Q) = —Q²-50Q+ and MC(Q) = Q 60 3 a. Derive monopolist's marginal revenue function. b. Calculate monopolist's profit-maximizing output level. c. What price does the monopolist set to maximize its profit? 500 3