Question 2 Alice is the monopoly producer for DrinkMeM, a magical potion that makes you shrink in size. Market demand for this potion is given by p = 60- 3Q and Alice's costs of production are C(q) = 12q. Please calculate the following quantities. a) Monopoly price, quantity and profits b) The fair market price in perfect competition c) The welfare loss which occurs due to the monopoly

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