2. The questions below refer to an industry in which the inverse market demand is P = 900 3Q (where P is the product price in dollars and Q is the industry output). The cost of production in the industry may be written Cost = 3q2 + 100 if a single firm produces the product. Assume that there are no advantages or disadvantages to having one large firm as opposed to many small firms, so if the industry is organized competitively, the competitive industry Supply curve equals the marginal cost curve faced by a monopolist. 1) Price and output decisions: a) Assume that there is a single monop|oly rm in this industry. Find the monopoly's profit maximizing price, output, profit, consumer surplus, producer surplus, and deadweight loss. Illustrate these on a carefully drawn diagram. Hints: Note: Since the monopoly is the only firm in the industry Q (industry output) equals q (output of the firm)