7. Suppose a monopoly can produce any level of output it wishes at a constant marginal (and average) cost of $5 per unit. Assume the monopoly sells its goods in two different markets separated by some distance. The demand curve in the first market is given by

$$Q_1 = 55 - P_1,$$

and the demand curve in the second market is given by

$$Q_2 = 70 - 2P_2,$$

Assume this monopolist could maintain the separation between the two markets (no arbitrage at all). What are the total profits in this situation? (8%)