Question: Suppose a monopolist faces a demand curve given by D(p) = 24 - 2p. The total cost function of this monopolist is given by c(q)

Suppose a monopolist faces a demand curve given by D(p) = 24 - 2p. The total cost function of this monopolist is given by c(q) = =q2 + 20. (a) Draw the demand curve, as well as the monopolist's marginal cost curve, average cost curve and marginal revenue curve. (b) Calculate the profit-maximizing level of output and the monopoly price. (c) At the monopolist's profit-maximizing level of output, how much economic profit (or loss) will the monopolist make? (d) Find the socially optimal level of output. (e) Calculate the deadweight loss due to monopolization and show it on the graph you drew in part (a). (f) If the monopolist can perfectly price discriminate, what would be the resulting total surplus for society

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