Question: Consider a monopoly with marginal cost function given by: MC(Q)=3Q+20. It faces an inverse demand given by: P(Q)=120-Q. Calculate the following: 1. The equilibrium price

Consider a monopoly with marginal cost function given by: MC(Q)=3Q+20.

It faces an inverse demand given by: P(Q)=120-Q. Calculate the following:

1. The equilibrium price and quantity under monopoly

2. The monopoly rents

3. The deadweight loss of the monopoly

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