The demand and total cost functions for a monopoly firm are:

Q(P) = 39.5 - 0.5P

TC(Q) = 60 - Q + 0.5 Q²

a) Plot the demand, marginal revenue, marginal cost, and average total cost curves, including the intersections with the horizontal and vertical axes. [5 points]

b) What are the profit maximising QMand PMfor this firm? [5 points]

c) What is the firm's profitM? [5 points]

d) What are the firm's fixed and variable costs? [5 points]

e) What would be the socially optimal Q* and P* (round to 1 decimal place if needed)? [5 points]