Question 3 Consider a monopolist with linear demand curve given by P(Y)=a-bY (note: this is the inverse demand), and C (Y ) =cY (which is the cost function, where c> 0). a) What is the equilibrium quantity, price, and monopoly prot? b) What are the values of consumer surplus, producer surplus and deadweight loss? Show these graphically. c) What is the maximum quantity the monopolist would be willing to sell? d) Show that the monopolist's markup of price over marginal cost is inversely related to the price elasticity of demand. Can you determine this amount? If so, what is it