Question: Suppose that a monopolist faces a demand curve for his product given by the following equation: \(Q=150-3 \mathrm{P}\) and can produce his good at a constant marginal cost of $10 per unit.

1. Give the equation of the marginal revenue curve faced by this monopolist as a function of \(Q\). (You can either solve this algebraically or graphically.)
2. What price and quantity does the monopolist set in his market?
3. Calculate the values of the consumer surplus and producer surplus under the monopoly price. (Your answer should be a number.)
4. What is the price and quantity if the firm behaves like a competitor instead of a monopolist?
5. Calculate the value of the consumer surplus and producer surplus under the competitive price.
6. What is the value of the deadweight loss due to monopoly price.

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