Problem 3 Suppose that a monopolist faces a demand curve given by q = p , where e > 1. Assume the monopolist has a constant marginal cost equal to c. A. Show that if there were perfect competition, total social welfare would equal: cl-e W = E - 1 2B. How much welfare is lost due to monopoly? Note: the algebra here can get very tedious. Do not worry about getting it exactly,r right. Instead, it is important you set up the problem correctly and are clear that you are measuring the correct object