b) Calculate the information in the following table assuming this producer acts as a single price monopolist. Indicate each of these in your diagram and show your calculations in the space below: Profit maximizing quantity (Q*) Profit maximizing price (P*) Level of profits (It) Consumer Surplus (CS) Producer Surplus (PS) Deadweight Loss (DWL) NOV W N P 14 . ... CityQUESTION 4 (10 MARKS) Suppose an industry has a single producer due to significant barriers to entry so that the single producer has market power and is not likely to face any competition. The information below summarizes the demand curve and cost information of the producer. Market Demand: Q = 600 - 40P Marginal Revenue: MR = 15 - (1/20)Q Marginal Cost (MC) = 5 Total Fixed Cost (TFC) = 4 a) Plot the demand, marginal cost, and marginal revenue curves in the space below: P 14 12 10 8 6 A N 100 200 300 400 500 600 700 Q NOV W N P 14 MacBook Air