Hi, would like someone to provide step-by-step workings and answer so that I can cross-check with mine! Thank you.

Question 3 The market for rice in a country is monopolised by one supplier and has the following demand and supply functions: Demand function: P =6-0.5QD Supply function: P=2+ Q Where QD is the quantity demanded, Qs is the quantity supplied and P is the unit price of rice per kg. (a) Determine the equilibrium price and quantity of the monopolist. If the fixed cost of the monopolist is $2, compute the profit or loss of the monopolist. If you need to draw a diagram or figure (and cannot do so in MS Word), take a picture of the image you have drawn and insert it in your answer. You are reminded that your overall file size of your submission of this TOA should not exceed 500MB. For a table, you are advised to copy the table given in the question or draw it in MS Word. For an equation, you are advised to write the equation in MS Word. (10 marks) (b) Determine the consumer surplus and the producer surplus in the monopolised rice market. Analyse why the outcome is inefficient and compute the deadweight loss in this market. Illustrate your answers with a suitable rice market diagram. If you need to draw a diagram or figure (and cannot do so in MS Word), take a picture of the image you have drawn and insert it in your answer. You are reminded that your overall file size of your submission of this TOA should not exceed 500MB. For a table, you are advised to copy the table given in the question or draw it in MS Word. For an equation, you are advised to write the equation in MS Word. (15 marks)