3. Assume that the inarket for an energy fuel is competitive. The demand for the fuel is P= 14- Q and the industry supply (marginal cost) curve is P=Q+2. (a) Compute the marker equiliorium quantity and price of the fuel. Illustrate your results in a clearly labeled demand-supply diagram. [8 points] (b) Suppose that the industry is taken over by a monopolist. Calculate the new matket price and quantity. Also illusirate your resulis in a clearly labeled diagram. [8 points] (c) Calculate the loss in social welfare due to the monopolization of the industry. Also indicate the area representing this loss in your diagram for parl (b). [4 points] 3. Assume that the inarket for an energy fuel is competitive. The demand for the fuel is P= 14- Q and the industry supply (marginal cost) curve is P=Q+2. (a) Compute the marker equiliorium quantity and price of the fuel. Illustrate your results in a clearly labeled demand-supply diagram. [8 points] (b) Suppose that the industry is taken over by a monopolist. Calculate the new matket price and quantity. Also illusirate your resulis in a clearly labeled diagram. [8 points] (c) Calculate the loss in social welfare due to the monopolization of the industry. Also indicate the area representing this loss in your diagram for parl (b). [4 points]