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3. (35 points) Monopoly Electric A is the only electricity provider for a city. The inverse demand for electricity is given by: p = 210 -5q And the cost function of Electric A is: e(q) = 1000 + 10q (a) (15 points) Find the optimal price and quantity for Electric A. Calculate the profits of the firm. (b) (10 points) Calculate the consumer surplus and deadweight loss. (c) (5 points) Assume that the government imposes a price ceiling of $100. Calculate the consumer surplus and deadweight loss. (d) (5 points) Compare your answers from part (b) and part (c) and answer: Are consumers better-off or worse- off? Will the price ceiling increase or reduce efficiency in the market for electricity? Do you think Electric A has an incentive to lobby against the price ceiling