The figure below shows the demand and cost curves for a monopolist. Assume there are no fixed costs in the market and an unlimited number of units of the product can be produced at a marginal cost of $5 per unit. As a result average total cost and marginal cost are the same.

The gure below shows the demand and cost curves for a monopolist. Assume there are no xed costs in the market and an unlimited number of units of the product can be produced at a marginal cost of $5 per unit. As a result average total cost and marginal cost are the same. ATC=MC=5 I) Find the output level and the price charged to consumers, when the monopolist is maximizing its prot. (6 marks) 2) Find the monopoly's total economic prot when it is maximizing its prot. (4 marks) 3) Indicate the area of consumer surplus under monopoly. (2 marks) 4) What would be the market price and the market quantity, if the industry in the gure was perfectly competitive (Assuming a constant cost industry)? (4 marks) 5) Indicate the area of consumer surplus when the market is served by perfectly competitive rms. (2 marks) 6) What is the area of the desdweight loss from monopoly? (2 marks)