5. [10 points total] A monopolist has a constant marginal cost of production equal to $900 per unit (M C = 900). If it chooses to produce, it must also pay a xed cost of $2,000,000. If it shuts down, it does not have to pay these xed costs. Inverse demand for the monopolist's product is given by P = 2250 0.1875Q, which implies that the monopolist's marginal revenue is MR = 2250 0.375Q. [4 points] What price does the monopolist charge? How many units does it sell? What is its prot? (Do not forget to include the $2, 000,000 xed cost in your prot calculation. ) [2 points] What is the economically efcient price and quantity? [2 points] In a single diagram, with quantity on the Xaxis and price on the yaxis, show how the prices and quantities from parts a and bare determined. [Be sure to label all curves in the graph. Your graph need not be drawn to scale, but The prices and quanties om parts a and b must be evident. ] [2 points] In an effort to help consumers, the government implements a price ceiling of $1200 per unit. If the producer operates under this price regulation, its prot-maximizing quantity would be 5,600 units, its revenue would be $6,720,000, its variable cost would be $5,040,000, and its xed costs would be $2,000,000. If the producer shuts down, its revenue, variable cost, and xed cost would all be $0