1. The inverse demand, marginal revenue and marginal cost functions of a monopolist are given by the following functions: PD = 12-Q MR = 12-2Q MC = Q Answer the following questions showing all steps if the question asks for a calculation: a. Draw the marginal benefit, marginal revenue and marginal cost curves and label any intersection point of these curves with the price vertical axis and the quantity horizontal axis. b. What is the marginal benefit, marginal revenue and marginal cost if production equals 5? c. What level of production would the monopolist choose? What is the monopolist price? d. If this was a competitive market, what would have been the production and price? e. Calculate the deadweight loss from the monopoly? What is the reason behind this deadweight loss?