Problem
A monopolist has a marginal cost of $22, and faces a demand curve of qd=280-7*P.
(i) Solve the monopolist's profit maximization problem.
(ii) What subsidy is necessary to induce the monopolist to produce the socially optimal level of output?
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.