A monopolist sells a single product on a market where inverse demand for the output Q, is p=500-Q, where p is price. The monopolist has a marginal (and average) cost of production of 40 per unit. The monopolist charges its profit maximizing price. What is the price and quantity of the monopolist (Uniform pricing)? What is the resulting consumer’s surplus and Producer surplus in this market (Assume monopoly does not have fixed cost)? The monopolist is able to undertake first-degree price discrimination, what is the resulting monopoly profit in this market? what are the total surplus for uniform pricing and first-degree price discrimination? How consumer surplus has changed?