Suppose that an industry is characterized as follows: P = 15 - Q. where P is price and Q is quantity. The Marginal Revenue is therefore given by: MR = 15-20 The monopolist's cost of production is 30. The Marginal Cost is constant at 3. 1.1. Find the monopoly price, quantity, and level of profit. (3 marks) 1.2. Find the price, quantity, and level of profit if the industry is perfectly competitive. (3 marks) 1.3. Graphically illustrate the demand curve, marginal revenue curve, marginal cost curve, and average cost curve. Identify the difference between the profit level of the monopoly and the profit level of the competitive industry. (5 marks) 1.4. Explain the source of the social cost under monopoly. Calculate the dead weight loss. Show in a diagram. (4 marks) Maximum number of characters (including HTML tags added by text editor): 32,000 Show Rich-Text Editor and character count)