Question: ll your answers will automatically save as you proceed through the test. QUESTION 3: 20 Total Marks Sydney Waste Management has a monopoly on the

ll your answers will automatically save as you proceed through the test. QUESTION 3: 20 Total Marks Sydney Waste Management has a monopoly on the garbage pickup market in Sydney. Sydney Waste Management's costs are shown below. 20 18 16 MC AC MR 2 6 8 10 12 14 16 18 20 Q Q3 a) [10 marks] Given the costs of this firm and the demand curve as in the graph above, explain the most likely reason that Sydney Water Management has a monopoly. b) [10 marks] What are the profit maximizing level of output and price? Calculate profits and deadweight loss. Show your work

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