05 Question (5 points) See page 469 Consider the following market demand function: y = 64 - P. v 1st attempt Part 1 (2 points) See Hint Suppose this market is competitive, and all firms have identical cost functions given by c (y) - 40y. The quantity produced and sold in this market is units. The equilibrium price in the market is $ per unit. Part 2 (2 points) See Hint Now, suppose instead that the market is served by a profit-maximizing monopolist. The quantity produced and sold in this market is units. The price charged by the monopolist is $ per unit. Part 3 (1 point) See Hint The deadweight loss associated with this monopoly is $