1. A monopoly has an inverse demand function given by p=4804Q and a constant marginal cost of 40. Calculate the deadweight loss if the monopoly charges the profit-maximizing price. [5] 2. Beta Laundry's cost function is C(q)=50+10q+2q2. [5] A. What quantity maximizes Beta's profit if the market price is p? How much does it produce if p=$70? B. If the government imposes a specific tax of t=$4, what quantity maximizes Beta's after-tax profit? Does it operate or shut down