1.Consider the following demand, TC, MC and MR equations:

P=56-Q

TC=3Q²+20

MC=6Q

MR=56-2Q

a.What is the quantity set by a monopolist?

b.What is the price set by the monopolist?

c.What is the quantity set in perfect competition?

d.What is the price set in perfect competition?

e.Draw the demand and supply graph.Include and label appropriately the marginal revenue curve, and indicate the equilibrium in perfect completion and in monopoly.

f.On the graph shade in the area denoting DWL if there is monopoly.