A monopolist faces a market demand curve given by Q = 70 – P. The Monopolist’s marginal revenue function is given by: MR = 70 - 2Q. a. If the monopolist can produce at constant average and marginal costs of AC = MC = 6, i. What output level will the monopolist choose in order to maximize profits? ii. What is the price at this output level? iii. What are the monopolist’s profits? Show all working and draw graph

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