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cLyon Concrete is a monopoly supplier of concrete in Penang. Demand for the firms concrete is given by P 110-40 Marginal cost (MC) is constant and equal to 10. i) What are the profit-maximizing price and output? (4 marks)ii) Demonstrate your answers to part ) using an appropriate diagram. (5 marks) ii) What is the deadweight loss resulting from Lyons monopoly? (4 marks) iv) Compared to pricing at marginal cost, how much income is redistributed from consumers to the owners of the monopoly? (3 marks) v) Calculate the monopoly power of Lyon Concrete. (3 marks)

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