Suppose that E-tronics has a Monopoly in the production of new smartwatches. Market research shows that it faces a market demand function given by P(Q) = 20 (1/2)Q. Its cost function is C(Q) =30+ 2Q. 1. What are the monopoly market price (PM), quantity(Q), and profits (7M)? 2. What is consumer surplus at the monopoly price? 3. What would the price and quantity be in this market be if E-tronics behaved as in perfect competition? 4. What is the consumer surplus in the case of perfect competition? Why is it higher than in the monopoly case? What is the social cost of monopoly