. Market demand in an industry is: P = 156 - 2Q. . The industry is currently performing competitively with price equal to marginal cost. If the LRMC = LRAC = 20, the current output is Q = 68, and the current price is Pc = $20. . Suppose a series of mergers monopolize the industry and results in lower costs such that LRMC = LRAC = 10. Under monopoly, the industry output is Qm = 36.5 and price is Pm = $83 The cost savings could benefit society. Determine total welfare under perfect competition and monopoly to determine whether society benefits from the lower costs of monopoly. (a) Total welfare under competition. (Round to two decimal places.) (b) Total welfare under monopoly. (Round to two decimal places.) (c) Does the merger improve total welfare to society? (Enter yes or no.)