Economics (Q2) Consider a profit-maximizing monopoly pricing under the following conditions. The profit-maximizing price charged for goods produced is $12. The intersection of the marginal revenue and marginal cost curves occurs where output is 10 units and marginal cost is $6. The socially efficient level of production is 12 units. The demand curve and marginal cost curves are linear. What is the value of the deadweight loss created by the monopolist? Show your argument. HINT: use a diagram in the slides! The table shows the town of Driveaway's demand schedule for gasoline. Assume the town's gasoline seller(s) incurs a cost of $2 for each gallon sold, with no fixed cost. Quantity (in gallons) Price Total Revenue 0 $8 $0 50 7 350 100 600 150 AUTO 750 200 800 250 750 300 - NW 600 350 350 (Q3) If the market for gasoline in Driveaway is perfectly competitive, how much is the equilibrium price? (Q4) If the market for gasoline in Driveaway is a monopoly, how much is the equilibrium price and how much profits does the monopolist earn? (Q5) Suppose there are exactly two sellers of gasoline in Driveaway. If they can collude on quantity and split the market equally, how much price would they set and how much profit does each seller earn