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Question 5 Answer the following sub-questions based on the information provided. You will draw explanatory graphs associated with each market structure as is relevant to the explanation. Consider an (inverse) demand curve P = 30 - Q. And a total cost curve of C(Q) = 12Q. (a) Assume a monopolist is operating in this market. (i) Calculate the quantity (qm) chosen by a profit-maximizing monopolist. (ii) At the profit-maximizing quantity, what is the monopolistic market price (PM) of the product. (iii) Calculate the dead-weight loss (allocation inefficiency) associated with this monopoly market. (b) Assume the market for this product is perfectly competitive. (i) Calculate the market-clearing output (qec) and price (pec) for the product. (ii) Is there any allocation inefficiency in this case