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Benson's Park is a monopolist in the local camping market in the town of West Anderson. They face an inverse demand curve given by P=400-8Q,

Benson's Park is a monopolist in the local camping market in the town of West Anderson. They face an inverse demand curve given by P=400-8Q, where Q is the number of tickets they sell. The park's cost function is C(Q)=100+16Q. a. Write down Benson's profit function (2 point) b. Find the first-order condition for profit maximization. (2 points) c. Find the profit-maximizing price and quantity, and the maximum profit. (3 points) d. Calculate the consumer surplus in the market at the monopoly price and quantity. (Hint: you may find it helpful to graph the demand curve, marking the monopolist's price and quantity on your graph.) (3 points) e. If price were set equal to marginal cost, what would be the value of consumer surplus and profit? At the monopoly price and quantity, find the value of the deadweight loss. (4 points)

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