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Based on market research, a recording company obtains the following information about the demand and production costs of its new CD:Price=1000-10QTotal Revenue=1000Q-10Q^2Marginal Revenue=1000-20QMarginal Cost=100+10Q(P is the price in cents)a.Find the price P and quantity Q that maximizes the company’s profitb.Find P and Q that would maximize social welfarec.Calculate the deadweight loss from monopolyd.Suppose, in addition to the costs above, the musician on the album has to be paid. The company is considering four options:1. a flat fee of 2,0000 cents2. 50%of the profits3. 150 cents per unit sold4. 50%of the revenueFor each option calculate the profit maximizing P and Q. Which if any of these schemes would alter the deadweight loss from monopoly? explain
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