2. Monopoly. (15 points) Suppose a drug company is choosing a price for its patented drug PARETAR. At $200 per pill, they could sell no pills per week. At $190 per pill, they could sell 1 pill per week. Every time they lower the price by $10, the quantity demanded rises by 1 pill. Once the factory is set up, it costs $60 to produce each additional pill, plus the company must pay a lease on equipment of $150 per week. Q P TR MR MC TC 0 $200 1 $190 11 12 13 14 15 16a. Find the profit maximizing price and quantity. Calculate profits. i) Start by calculating TR. MR. TC and MC. I've provided extra columns if it helps to calculate other things. Profit maximizing P = $ Q = Profits = $ b. Is this quantity efficient from society's point of view? Explain why or why not. What is the efficient quantity from society's point of view? How low of a price could a regulator set, without forcing the company out of business? c. Graph Demand, MR and MC. Illustrate producer surplus, consumer surplus and deadweight loss on your graph