A Monopoly firm can produce atconstant average and marginal costs of $5 for each unit of output. The firm faces a market demand curve given byQ = 53 - P. Please draw the Demand, MR and MC (=AC) schedules.

a) Find the inverse demand function, i.e., P as a function of Q. Show that the profit maximizing price-quantity combination for the Monopolist is$ 29 and 24 unitsrespectively;what are the Monopolist's profits?

b) What output level would be produced by this industry under Perfect Competition and at what price? (For simplicity, use the same demand curve).

c)Calculate the consumer surplus obtained by consumers in parts (i) and (ii) respectively. Show that the Consumer Surplus under Perfect Competition isnumerically greater than thesum of the Consumer Surplus under Monopolyplus the Monopoly's profits?

d) What is the value of the deadweight loss from Monopolization?