Suppose the demand curve for a good produced in a monopolistic market is given by the equation=30010

P=30010Q. Further suppose that the total cost of producing this good is equal to=5^(2)

TC=5Q^(2). Given these equations

a.Calculate the profit maximizing quantity and the price chosen by the monopolist.

b.Calculate the mark-up of the monopolist at the profit maximizing quantity.

c.Calculate the price elasticity of demand at the profit maximizing quantity.

d.Calculate the Lerner Index of the monopolist.

e.Illustrate the deadweight loss created by the monopolist using the supply and demand curves.