Help Save & E Che As the manager of a monopoly, you face potential government regulation. Your inverse demand is P= 60 - 1Q, and your costs are C(Q) = 16Q. a. Determine the monopoly price and output. Monopoly price: $ Monopoly output: units es b. Determine the socially efficient price and output. Socially efficient price: $ Socially efficient output: units c. What is the maximum amount your firm should be willing to spend on lobbying efforts to prevent the price from being regulated at the socially optimal level?