Show your work in an organized way. Don't forget to label the answers.

Price $300 $200 MC $164 $75 $20 Regulated Price Demand 10 14 25 28 Quantity MR 1. (5 points) Under one form of government price regulation, the government sets the price at a level (which is equal to $20 in the above graph) and the firm then sets MC equal to the regulated price to determine profit maximizing quantity at the regulated price. (a) If the regulated price is $20 per unit, how many units will the regulated monopoly produce? (b) If the regulated price is $20, how much will consumers want to buy? (c) Is there a surplus or a shortage or neither at the regulated price? If there is a surplus or shortage, how much is the surplus or shortage? (d) At what regulated price would the deadweight loss be zero? (e) Will the deadweight loss of the monopoly represented in the above graph be larger, smaller or the same at a price of $20 compared to at a price of $2002 You do not have to calculate the deadweight loss at either price, you just have to state whether the deadweight loss is larger, smaller or the same at $20 compared to $200.Price Total demand for the two workers MC2 Each worker's individual demand curve 10 12 14 16 18 20 Quantity 4. (5 points) There are two people. Each person's demand for a public good is P = 20 - Q. The marginal cost of providing the public good is given by MC2 = $12 (MC is not $24). The above graph summarizes the relevant information. The total demand for the two workers shown above is the vertical sum of the demand curve for each worker. (a) What is the socially efficient quantity of the public good? (b) How much will each person have to pay per unit to provide the socially efficient quantity? (c) What is the consumer surplus for each person based on the quantity determined in (a) and the price determined in (b)? (d) Given that this is a public good, if either one of the two people does not pay the price you have stated in (b), can they be prevented from consuming the good