A hypothetical town council has given a local rm the exclusive right to sell beer at local baseball games (i.e., the local rm acts as a monopoly). The Operation is very simple: the rm buys beer (X) from the local distributor for $0.40 per can. Hence the production function is q = X Demand for beer is as follows: P = 1.6 0.01q a. [3 marks] What is the rm's marginal revenue product of input 85 marginal factor cost? b. [3 marks] Given the above information what is the prot maximizing level of input (i.e., beer)? c. [2 marks] How much prot does the rm earn? (1. [2 marks] Derive a graph that depicts the output market with respect to marginal revenue 8; marginal cost, and note any deadweight loss