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(.1 (.l Question 2 [word limit: 75019 Consider a monopoly that faces a liner demand function equal to P = 10 Q, where Q is the quantity demanded by the market at price P. The monopolist incurs constant marginal costs of production equal to c. 10 > c > 0.9 91 a. Derive and describe the quantity and price that the monopolist would choose to maximise prots. Does the monopolist's choice generate a deadweight loss? Provide a graphical representation of this market equilibrium. [10 marks]*-' b. Suppose now that the gov'prnment imposes a price ceiling equal to P = \"I\". What is the quantity sold by the monopolist alter the introduction of the price ceiling? Is the price ceiling benecial to the welfare of the market? Support your answer with economic intuition and a diagram. [15 marks]