In a far away country called Monopolyland, there is only one producer of board games. The market demand for board games is P = 800 - Q and        CMg = 50 + Q. (a) Determine the price and quantity of board games traded in this country. (Hint: IMg = 800 - 2Q) (b) Determine the social loss incurred by the existence of this monopoly. (c) What action should the country's authority take to maximise social welfare? What quantity and price would there be in this case?

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