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QUEST: 1011 O 3. (15 points) A monopolist faces the following demand curve and marginal cost curve: P = 40 Q and M C =

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QUEST: 1011 O 3. (15 points) A monopolist faces the following demand curve and marginal cost curve: P = 40 Q and M C = 2. Answer the following questions. (a) (5 points) What is the prot-maximizing price and quantity? (b) (10 points) Calculate the area of deadweight loss associated with being a monopolist. Illustrate and label this area in the graph below

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