2. Assume a local hockey team is a monopolist for replica jersey for its team. These jerseys cost $25 each to manufacture. There are three people willing to pay $50 for a jersey (if the price is $50, they will buy a jersey). There are two more people who are willing to pay at most $40 for a jersey, one person is willing to pay at most $30 for a jersey, and one final person is willing to pay at most $20 for a jersey. a. Draw the demand curve for jerseys and the marginal cost curve on the same graph. b. If the price is set at $50, calculate consumer surplus, producer surplus, and deadweight loss. C. If the price is set at $40, calculate consumer surplus, producer surplus, and deadweight loss. d. If the price is set at $30, calculate consumer surplus, producer surplus, and deadweight loss. e. What price will the local hockey team set for these jerseys? f. If there was a competitive market for jerseys (anybody can make and sell these jerseys for $20), what would be the market price? What would be the deadweight loss? 2. Assume a local hockey team is a monopolist for replica jersey for its team. These jerseys cost $25 each to manufacture. There are three people willing to pay $50 for a jersey (if the price is $50, they will buy a jersey). There are two more people who are willing to pay at most $40 for a jersey, one person is willing to pay at most $30 for a jersey, and one final person is willing to pay at most $20 for a jersey. a. Draw the demand curve for jerseys and the marginal cost curve on the same graph. b. If the price is set at $50, calculate consumer surplus, producer surplus, and deadweight loss. C. If the price is set at $40, calculate consumer surplus, producer surplus, and deadweight loss. d. If the price is set at $30, calculate consumer surplus, producer surplus, and deadweight loss. e. What price will the local hockey team set for these jerseys? f. If there was a competitive market for jerseys (anybody can make and sell these jerseys for $20), what would be the market price? What would be the deadweight loss