Question 4. [16 marks] The firm in this figure is a monopolist firm.

T Price Curve C Curve D P2 Curve B Curve A 0 02 2304 Quantity a. [4 marks] What do Curve A, B, C and D represent? b. [1 mark] What is profit maximizing output level? c. [7 marks] When the firm maximizes profit, what is marginal cost, marginal revenue, average revenue and price? What is total revenue, total costs and profits? d. [2 marks] What is the socially efficient price and quantity? e. [2 marks] When the firm maximizes profit, what area represents the total surplus lost due to monopoly pricing