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a) Given the demand curve for a monopolist: Qd = 60 - 2 P and the...

a) Given the demand curve for a monopolist: Qd = 60 - 2 P and the marginal revenue curve: MR = 30 - Q. Marginal cost equals average cost at $14. What is the price and quantity that the profit-maximizing monopolist will produce? Graph these curves and label the equilibrium points. (6 pts)

b) If this were a competitive industry, what price and quantity would be produced? Show this on the above graph and show your work (answers) below (3 pts)

c) What is the monopolist's profit? What is the consumer surplus at the monopolist's price? The dead weight loss to society? Write your formulas as well as the answers. Show these areas on the graph above or draw a new one below ( neatness counts).

Please help with these questions!! Label everything and show work!

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