1. (50 Total Points) Suppose a monopolist faces the following demand curve: P = 140 -5Q. Also suppose the Marginal Cost of production for the monopolist is constant and equal to 10. So MC = 10. Also, the monopolist has no fixed costs. a) (7 points) How much output should the monopolist produce in order to maximize profit? b) (7 points) What price should the monopolist charge to maximize profit? c) (7 points) How much Consumer Surplus will consumer's get when the monopolist maximizes profit? d) (7 points) How much profit will the monopolist make? e) (7 points) What is the Deadweight Loss in this market? f) (7 points) What is the Price Elasticity of Demand at the monopolist's profit-maximizing price and quantity? g) (8 points) Illustrate the above situation using a graph. Your graph should include the Demand Curve, the Marginal Revenue curve, the Marginal Cost curve, and you should clearly identify the Monopoly Price and Quantity, and the Perfectly Competitive Price and Quantity. Make sure your graph is drawn neatly and accurately, Ind is correctly labeled