As the manager of a monopoly, you face potential government regulation. Your inverse demand is P = 55 2Q, and your costs are C(Q) = 11Q.

a. Determine the monopoly price and output.

Monopoly price: $ _____________

Monopoly output: ____________units

b. Determine the socially efficient price and output.

Socially efficient price: $________

Socially efficient output: ________ units

c. What is the maximum amount your firm should be willing to spend on lobbying efforts to prevent the price from being regulated at the socially optimal level?

$ __________