Problem
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. The firm will earn zero economic profit when it charges a price of 30 (this is not the price that maximizes profit). How much profit does the firm earn when it charges the price that maximizes profit?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.