Market structures

      Answer the following sub-questions based on the information provided. You will draw explanatory graphs associated with each market structure as is relevant to the explanation. Consider an (inverse) demand curve P = 30 - Q. And a total cost curve of C(Q) = 12Q. (a) Assume a monopolist is operating in this market. (i) Calculate the quantity (qM) chosen by a profit-maximizing monopolist. (ii) At the profit-maximizing quantity, what is the monopolistic market price (pM) of the product. (iii) Calculate the dead-weight loss (allocative inefficiency) associated with this monopoly market. (b) Assume the market for this product is perfectly competitive. (i) Calculate the market-clearing output (qPC) and price (pPC) for the product. (ii) Is there any allocative inefficiency in this case?