1. Suppose that the demand curve in a monopoly market is expressed by Q = 10 - P. The marginal revenue for the monopolist is captured by MR = 10 - 2Q. Finally, the marginal cost for this firm is conveyed by MC = 3Q + 5. a) Determine the equilibrium quantity and price for this monopolist and represent this equilibrium on a graph. b) What would happen to social surplus if this firm produced a quantity marginally larger than the one you found in the previous answer? In other words, would society as a whole be better or worse off? Explain the economic intuition.