Assume that market supply and demand conditions for a product are QS =4P (Market Supply) QD =240-4P (Market Demand) where Q is quantity of products, and P is the price per unit. (1). Now suppose that the market is run by a profit-maximising monopolist, calculate optimal price-output combination for the monopoly firm. (10 points) (2). Calculate the new consumer surplus, producer surplus, social welfare in the monopoly market. (10 points) (3). Calculate consumer deadweight loss, producer deadweight loss, and total dead- weight loss in the monopoly market. (10 points) (4). Calculate total loss of consumer surplus in the monopoly market. (10 points)