Market demand in an industry is: P-147 -20 The industry is currently performing competitively with price equal to marginal cost and LRMCLRAC 15. The current output in Q. 66 and the current price is PES Suppose a series of mergers monopolizes the industry and results in lower costs such that LRMCLRAC 5. Under monopoly, the industry output is Q - 35.5 and price To determine whether the series of mergers benefits society, total welfare under perfect competition and total welfare under monopoly were calculated to be: TW-5435 Determine the deadweight loss due to monopoly and the gain from cost savings (.o. a producer surplus for monopoly), (Be sure to use all the decimal places piven in your (a) Deadweight loss due to monopoly (Round to two decimal places.) (b Gain from cost savings. (Round to two decimal places.) (c) Calculate the difference between deadweight loss to monopoly and the gain from cost savings (your answers to parts (a) and (b). (Round to two decimal places.) (d) Calculate the difference between TW and T. (Round to two decimal places.) What do you conclude? CHECK ANSWER rice equal to marginat cost and LRMCLRAC 15. The current output in Q-66 and the current price is P-315 and results in lower costs such that LRMCLRAC 5. Under monopoly, the industry output is om 35.5 and price is P2576 ciety, total welfare under perfect competition and total welfare under monopoly were calculated to be: TW - 54356 and TW-$3780.75 gain from cost savings (ie a producer surplus for monopoly). (Be sure to use all the decimal places given in your calculations and round only your final answers) monopoly and the gain from cost savings your answers to parts (m) and (b) CHECK