4. (20) (5) a. Q = 10 - P. Cost C(Q) = 0. Derive the profit-maximizing (non-discriminating) output and price. Graph the demand, marginal revenue, and marginal cost curves including intercepts. (4) b. Using the concept of Pareto Efficient Exchange show, with an example, whether the monopolist is efficient. (7) c. Show the effect of a price ceiling at Pc = 3. Be sure to include all curves necessary to show the optimal output and explain why it is the new output if the output changed (4) d. Does the price-ceiling increase or decrease welfare? Show why. Bonus (6): Explain intuitively why a monopolist never produces in the inelastic region of demand