Consider a market that is served by a single producer. Suppose you are told that the producer has the following cost curves where TC is total cost measured in dollars, Q is the quantity, and P is the price of Q in dollars: Total Cost: TC = Q- Marginal Cost: MC = 2 Q Suppose you also know that the market demand curve is given by the following equation: Market Demand: Q =96 - P 1. Determine the price and quantity that maximize the producer profit. Explain the steps of your answer. (2 points) 2. Calculate the level of profit in the short- run for this producer. (2 points) 3. Is there any deadweight loss (DWL) that results from this market? If your answer is "yes", compute this DWL and provide a graph that is well labeled to illustrate your answer. (2 points) 4. Is there any way to regulate this market in order to achieve productive efficient in long run? Explain. (2 points) Hint: Answer shouldn't exceed two lines. 5. Is there any way to regulate this market so that the market output is equal to 60 units? Explain. (2 points) Hint: Answer shouldn't exceed two lines