Q1 (40 points) Consider a simple monopoly. The inverse market demand curve is p = 1 q. Its cost function is C(q) = " Part a (10 marks) Suppose that the monopoly [erroneously] wants to maximize its revenue and ignore its cost. What is the revenue maximizing output? \" Part D (10 marks) Find the prot: given the revenue-maximizing output in Part a. \" Part c (10 marks} in the lecture. it is said that the simple monopoly would consider the cost as well and maximize the prot instead. Find out the maximized prot and compare it to the prot in Pan b (i.e., if the rm erroneously chose the revenue maximizing output}. '"' Part d (10 marks) What is the level of output that maximizes the social surplus? [Hint This is the perfect competition output]