E9 P-PP'?' 99"?\" Suppose that market demand for a good is Q = 480 - 2p and it is served by a monopolist with marginal cost MC = 2Q. What will be the price and quantity of the monopolist? What will be the competitive price and quantity? What is the '3 amount of deadweight loss due to the monopoly? In a graph illustrate your answers to parts a, b and 0 Suppose a monopoly producer is also a monopsonist in the labor market. The inverse demand for the output is p = 100 - Q. The production function is Q = L, which means that we can rewrite inverse demand as p = 100 L. The labor supply curve is w = 10 + L. How much labor does the rm hire? What wage is paid? In a graph illustrate your answers to parts a and b