How to q3 parts a b c and d

3. A] Luxury Soaps, a monopoly, faces a demand curve P=12-Q and P is price measured in and Q is quantity demanded in. Suppose the firm's Total Cost, TC = 6Q (a) Using information in the question, find the profit maximizing level of output produced and price charged. Explain your results [25 points] (b) What is the resulting profit from a)? Illustrate the profit maximizing output point and the profit on a graph and explain. [20 points] (c) Explain what is meant by a deadweight loss in monopolies. Calculate the deadweight loss from your answer to a) above. Show this area on a graph and explain your answer (note: area of triangle is 0.5*base* perpendicular height). [25 points] (d) Suppose the government or regulatory authority, sets a price ceiling of 27. What is the firm's new profit maximizing level of output with the price ceiling? Calculate the level of profit and the deadweight loss at this new level of output. Use diagrams and explain your answer fully. [30 points]