c. Recall the formula for markup of a monopolist. Calculate the markup of Hawkins? d. Calculate the social cost of Hawkins' monopoly power.3. Market Power: Monopoly Hawkins MicroBrewery has a monopoly on Oatmeal Stout in the local market. The demand is: QD = 100 - 2P = P = 50 - -Q. The resulting marginal revenue function is MR = 50 - Q . Hawkins marginal cost of producing Oatmeal Stout is MC = 5 + = Q. a. Calculate Hawkins profit maximizing output. b. In a counterfactual world, suppose that there exists competitive market with supply curve identical to the MC curve of Hawkins. Calculate this competitive market outcomes (price and quantity) and compare them with the monopoly outcomes. 5