l. (50 Total Points) Suppose a monopolist faces the following demand curve: P = 240 30. Also suppose the Marginal Cost of production for the monopolist is constant and equal to [2. 50 MC = IZ. Also. the monopolist has no xed costs. a) (7 points) How much output should the monopolist produce in order to maximize prot? b} (7 points) What price should the monopolist charge to maximize prot? c) (7 points) How much Consumer Surplus will consumer's get when the monopolist maximizes prot? d) (7 points) How much prot will the monopolist make? e) (7 points) What is the Deadweight Loss in this market? f) (7 points) What is the Price Elasticity of Demand at the monopolist's profit-maximizing price and quantity?g) (8 points) Illustrate the above situation using a graph. Your graph should include the Demand Cum, the Marginal Revenue Curve. the Marginal Cost curve. and you should clearly identify the Monopoly Price and Quantity, and the Perfectly Competitive Price and Quantity. Make sure your graph is drawn neatly and accurately. and is correctly labeled