A monopolist faces a market demand curve Q(p)=70-p. It's total costs are TC(Q)=4/300 Q^3-5Q+250 (Q^3 is Q"s 3 square ) a) Derive the monopoly price, quantity, and profits. . b) Calculate Lerner Index under the monopoly equilibrium. c) Now suppose the government sets the maximum price at $40. What output level and price level will the monopolist choose to maximize prots? What is the deadweight loss? d) Suppose the government sets the maximum price at $30: What output level and price level will the monopolist choose to maximize profit? What is the deadweight loss