4) A monopolist faces a market demand function: Qd = 24 - 0.2P and marginal cost: MC = 12. Answer the following (25 pts): a. If the monopolist employs a single price strategy, what is the optimal quantity produced and price charged (5 pts)? b. What is the elasticity demand given this strategy (5 pts)? c. If other firms trying to enter this market had slightly higher cost structures, what would be a good price & quantity mix to limit entry of competition and why (5 pts)? d. If the monopolist could accurately access each consumers' value for its good, what price range would it charge to its various customers and how much would it produce in total (5 pts)? e. What are the profits from part a & part d? Which pricing strategy is preferred (5 pts)? f. EC: Briefly explain why a firm that offers a buy-one, get-one free (BOGO) deal, does not just offer that same product at a 50% discount of the normal stated price (3 pts)