5. Consider a monopoly that produces widgets. Suppose you are told that the monopoly has the following cost curves where TC is total cost measured in dollars, Q is the quantity of widgets, and P is the price per widget in dollars: Total Cost: TO = 25 + 6Q + Q Marginal Cost: MC = 6 + 2Q Suppose you also know that the market demand curve is given by the following equation: Market Demand: P = 50 - Q a. Given the above information, what is this monopolist's equation for MR? b. Determine the profit maximizing level of production for this monopolist as well as the price that will be charged for each unit of the good. Assume that this is a single price monopolist, i.e. the monopolist cannot engage in price discrimination. Explain how you found your answer. c. Given the above information and your answer in (b) calculate the level of profit in the short- run for this monopolist. Explain how you found your answer. d. Given your answer in (c), what do you predict will happen to this monopolist in the long- run? e. Calculate the deadweight loss that results from this market being served by a monopolist. Show how you found your answer. Provide a graph that is well labeled to illustrate your