Consider a monopolist with the following demand function: P = 152 - 3Q MC = 2

a. Solve for the profit-maximizing price and quantity for the monopoly.

b. What is the firm's profit at this price and quantity?

c. Draw a graph labeling the monopolist's price and quantity, as well as consumer and producer surpluses.

d. Calculate total welfare under a monopoly.

e. Determine the socially optimal level of output and price and label these in your graph.

f. Calculate the total welfare at the socially optimal level of output.

g. Calculate the loss in total welfare as a result of this being a monopoly market. Label this in your graph.