A monopolist produces a good with the cost function C(q) = q2 +2. The demand function for the good is q (p) = 200 -2p. Calculate the profit maximizing monopoly price and the corresponding supply of the monopoly. What price would arise, if the monopoly were converted into a market of perfect competition through the entry of further suppliers. Calculate the value of the price elasticities of demand in both cases! How high are the welfare gains of perfect competition in comparison to the monopoly? Describe the welfare gains graphically and mathematically