Question: Consider a monopoly with constant returns to scale starting in the sort run with TC=9+1/4Q 2, and marginal cost MC= 1/2Q, facing a market demand

Consider a monopoly with constant returns to scale starting in the sort run with TC=9+1/4Q^2, and marginal cost MC= 1/2Q, facing a market demand curve of P=12-1/4Q.

1, Graph and calculate the short run consumer surplus, profit, and deadweight loss to welfare.

2, Graph and calculate the long run consumer surplus, profit, and deadweight loss to welfare.

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