Question: Please answer the following question step by step, specific explain them please, thank you ? Poppy's fans is the only supplier of fans in and

Please answer the following question step by step, specific explain them please, thank you

Poppy's fans is the only supplier of fans in and around Davis. Summer is approaching in Davis and the temperature is heating up. Demand for fans is given by (20 = 130 P and the total cost is characterized by TC = 100 + iQZ, where Q is the number of fans and P is the price in dollars per fan. a. Assuming Poppy's fans operates as a monopoly, what is the price and quantity of fans in the market? Calculate the consumer and producer surplus. b. Assume the market for fans is perfectly competitive. Find the equilibrium price and quantity. Calculate the consumer and producer surplus. c. Estimate the deadweight loss imposed on society if Poppy's fans remains a monopoly

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