3. An industry that is characterized by a decreasing cost structure has a demand curve given by P = 100Q and the marginal revenue curve by MR = 1002Q. The marginal cost is MC = 4, and average cost is AC = 4+188/Q. (a) Graph this cost and demand structure. (b) Calculate the efficient output and the monopoly output for the industry. (c) What price would the monopolist charge if he were unregulated, and what would be his profit per unit? (d) What price and output would emerge if the supplier were regulated so that his allowable price equalled average cost? Compute the value of the deadweight loss associated with having an unregulated monopoly relative to having a regulated monopoly where a price is permitted that covers ATC. (e) As an alternative to regulating the supplier such that price covers average total cost, suppose that a two-part tariff were used to generate revenue. This scheme involves charging the MC for each unit that is purchased and in addition charging each buyer in the market a fixed cost that is independent of the amount he purchases. If an efficient output is supplied in the market, estimate the total revenue to be obtained from the component covering a price per unit of the good supplied, and the component covering fixed cost