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Part 3 of 11 A monopolist can produce at a constant average (and marginal) cost of AC = MC +5. It faces a market demand curve of 077-P Calculate the profit-maximizing price and quantity for this monopolist. Also calculate its profits. The monopoly would produce 36 units of output at a price of $ 41. (Enter numeric responses rounded to two decimal places.) In turn, the monopoly would eam profit of $ 1296 Suppose a second firm enters the market. Leta, be the output of the first firm and Q, be the output of the second Market demand is now given by QQ2 = 77 - Assuming that this second firm has the same costs as the first, write the profits of each firm as a function of Q, and Q, The profit functions for Firm 1 (11) and for Firm 2 (12) are (in terms of the quantities) and Ily- Help me solve this Etext pages Get more help