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please show step by step calculation. 1.Monopoly A market for a good contains only one firm.The...

please show step by step calculation.

1.Monopoly

A market for a good contains only one firm.The market demand curve: P=500-3QThe marginal cost of production for the firm: P=36+1/5Q

a)Determine the socially optimal level of output and price of the good.

b) Determine the monopoly output and price.

c)Calculate the consumer and producer surplus for parts a) and b), and determine the level of deadweight loss in each, if applicable

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Answer #1

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