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1.Consider the following information on the production of basketballs. Demand: P = 26 - Q; Marginal Revenue = 28 - 2Q; Marginal Cost = Q

1.Consider the following information on the production of basketballs. Demand: P = 26 - Q; Marginal Revenue = 28 - 2Q; Marginal Cost = Q - 2.

a.Graph Demand, Marginal Cost, and Marginal Revenue on the same chart.

b.Assume this is a monopolistic market. Calculate the monopolist quantity of production, the price it will charge, and the deadweight loss to society.

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