2. (18 points) A monopolist faces the following marginal costs, demand, and marginal revenue:
$MC = 5 + Q$
$Demand: P = 20 - Q$
$MR: P = 20 - 2Q$
a. (4 pts) Graph the MC, Demand, and MR curves. Label each curve and the intercepts on the Price axis.
b. (8 pts) What is the price that the monopolist sets? How much output do they produce? Show your work and mark these values on your graph.
c. (6 pts) Shade in the region corresponding to the deadweight loss associated with monopoly on your graph. Calculate the value of the deadweight loss. Show work.