5. A monopolist produces output at total cost of C(q) = 3q. It faces a demand curve given by q(p) =p-2. Derive the price elasticity of demand (Ep), optimal price (p*), quantity produced (q*), and profits (7). (a) Ep = -2 ; p* =6 ; 1 36 T = 1 12 (b) Ep = -2 ; p* =12 ; = 1 1 144 , T = 16 (c) Ep = 2 ; p* = 6 ; q* = 1 1 36 ; T = 12 (d) Ep = 5 ; p* = 12 ; q* = 1 144 ; T= 16 (e) Ep = -1 ; p* = 5 ; q* = 4