l3. (Hint: this problem will be easier if you draw a graph) The demand for peanuts is given by P m 305 - 2Q. I. Initially, the peanut market is perfectly competitive, and each rm has minimum average cost equal to 5 (remember, MC = AC at minimum AC). Ia. Find the competitive price and quantity. Ib. What is each individual rrn's prot in competitive equilibrium? Ic. In equilibrium, what is consumer's surplus? 11. One rm buys all of the other peanut rms, obtaining a monopoly in the peanut industry. The monopoly has constant returns to scale and has a constant marginal cost MC = 5 (remember, when constant returns to scale, MC = AC). Ila. What is the marginal revenue the monopolist faces? IIb. Find the monopoly price and quantity. Call these Pm and Q\". 110. What is the prot for the monopolist? IId. Find the dead weight welfare loss caused by the monopolization of the peanut industry