A monopolist has a marginal cost of $ 40. the demand function is further given by

P = 2000-4x

a) how much should the monopolist produce and what price should be put on the product for the monopolist to maximize profits? b)Explain what socio-economic surplus is and calculate socio-economically optimal production in this market. c)Illustrate the solution in problem b) graphically and calculate consumer profits, producer profits and efficiency losses. Explain why there is a loss of efficiency.