Question B4 Assume there is an industry where the market demand is given by: Q = 200 - 10p Q is the industry output, and p is the price per unit. Assume that the firm can produce with a marginal cost of 10 per unit. a. Find the equilibrium price and output which would exist if (i) The industry was perfectly competitive [4 marks) (ii) The industry was a simple monopoly. 16 marks] b. Sketch the demand, marginal revenue and supply curves and clearly mark in the two equilibriums you found in part (a) above, 14 marks) c. Show the deadweight loss associated with the monopoly. Calculate the deadweight loss mathematically. Why does this represent a loss to society? 16 marks