Calculating profit maximizing price, quantity and deadweight loss under monopoly.
(A)Calculate the profit maximizing price and quantity along with the firms profit of a monopolist company. I am given the demand curve equal to y=80-p and also AC=8 MC=8.
(B)What output would be produced under perfect competition assuming no change in costs?
(C)Compute the dead weight loss due to monopoly also assume that the costst were to rise under a competitive market.
(D) Explain how much higher would they have to be such that the monopolist market would be considered the efficient market structure?
(E)Calulate consumer and producer surplus for questions A and B .