Kein Meng AaBbCcDo AaBbC( AaBbCcE ADD AaBbCCD AaBbCCD( AaBbCCD T No Spec.. Heading 1 Heading 2 Title Subtitle Subtle Er.. Emphasis Styles 21.1:2 1: 3 1 4 . 1 : 5 : 1 : 6 : 1 : 3 1 : 8 1 . 9 . 1 : 10 . 1 11 1 12 . 1 13 . 1 . 14+ 1 .15 16 Alpha is the only company that produces smartphones in a city. The diagram below depicts the demand and the cost function of producing smartphones by Alpha. $1000 ATC MIC 160 180 (a) Compute the demand equation for Alpha (b) Identify the optimal output and the price for Alpha. Calculate the profit or loss for Alpha at this output. (c) Suppose that the CEO of Alpha decides that maximising social welfare is more important than maximising profits. Calculate the price, output and profit or loss when Alpha produces smartphones at the social welfare maximising output level. (d) Compare the welfare between Alpha as a profit maximiser and welfare maximiser. Is the society better off with Alpha as a social welfare-maximising firm or as a profit-maximising firm? You need to consider both the short-run and the long-run situation and explain. (e) How would Alpha sustain the output level that maximises the social welfare for the society? Explain