l. (7 Marks) Assume that the market for coal is a monopoly market. We have the following: P(Q) = 50 20 where Q > 0 TC(Q) = 303 402 + 60 + 100 a. Find the monopolist price and quantity. b. What is the value of Prot (or loss) at monopolist equilibrium price and quantity? c. What is the value of dead weight loss (DWL) at monopolist price and quantity? 2. (3 Marks) Given the demand mction of renewable energy market: Q(P) = 60 P2 + 45e'0'04P Find the price elasticity of demand at P =10. State whether they are elastic, inelastic, or unit elastic. 3. (6 Marks) Suppose the demand function for oil (good A) is given by: 0,, = 100 ZPA + 0. 2Y + 0. 3P3 where Good B = Solar Energy and Y 2 GDP Find the following when PA = 6, Y = $500, and PB 2 10. a. Price elasticity of demand b. Income elasticity of demand c. Cross-price elasticity of demand