3. [MONOPOLY PRICING] A monopolist operates with the following data on cost and de- mand. It has a total fixed cost of $1, 500 and a total variable cost of Q2, where Q is the number of units of output it produces. The market demand function is Q = 60 - 0.5P. The firm expects the conditions of demand and cost to continue in the foreseeable future. (a) (5 marks) What is the profit maximizing monopoly price and quantity? (b) (3 marks) What is the dead weight loss from the monopoly pricing