2. For this problem assume the market is a monopoly. Market demand has been estimated as: Qa = 600 - 10P The firm has a total cost function given as: TC = 20Q. h. Determine the profit maximizing level of output (OM) for the firm. i . What price (PM) will the firm charge for this level of output? j. Determine the firm's profit. k. Determine the consumer surplus under the monopolist. Now assume the industry is perfectly competitive. How much output (Orc) will the competitive industry produce? m. What price (Pp) will the competitive industry charge? n. Determine the industry's profit. O. Determine the consumer surplus under the perfect competition. p. Determine the deadweight loss of the monopoly. Draw a diagram to illustrate your answers. Demand, MR, MC and ATC curves should be clearly labeled. Quantities and prices should be clearly identified and monopoly profit, consumer surplus (under monopoly and competition) as well as the deadweight loss due to the monopoly should be clearly identified